Mexico Fashion Retailer Grupo Axo Considers Share Listing

(Bloomberg) — Grupo Axo, a Mexican fashion retailer, is considering an initial public offering as soon as later this year, according to people familiar with the matter.

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The company, based near Mexico City, has yet to make a decision on the listing and plans could still fall apart, said the people, who asked not to be named because the information isn’t public. It wasn’t clear if it is planning to sell shares in the US or Mexico.

Grupo Axo declined to comment.

Grupo Axo, which also operates in Chile, Peru and Uruguay, commercializes international brands such as Abercrombie & Fitch and The North Face. Its earnings before items totaled 959.6 million Mexican pesos ($50.2 million) for the first quarter, up 23% from a year earlier.

General Atlantic invested in the company back in 2017 by purchasing a stake owned by restaurant operator Alsea. In 2021, Grupo Axo said it received an equity investment from funds and accounts managed by BlackRock. Both firms declined to comment.

Mexico has not seen a big initial public offering since late 2017, though there has been a revival in follow-on sales by real estate investment trusts and trucker Traxion amid optimism about a factory boom in Mexico.

Meanwhile, discount retailer BBB Foods Inc went public in New York in February in the biggest IPO for a Mexican company in the US since 2012, according to data compiled by Bloomberg.

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