The owner of T.J. Maxx has acquired a 35 per cent stake in Dubai-based Brands for Less for US $ 360 million, granting the US discount retailer access to rapidly growing consumer markets in West Asia.
TJX Companies purchased the stake based on an enterprise value of US $ 1.2 billion, according to a company statement. Brands for Less noted that TJX, with its global network of 5,000 stores, will support the firm’s expansion across the Persian Gulf and beyond, including into markets like India, Malaysia, and Singapore.
This transaction reflects the strong momentum in mergers and acquisitions within the region, where oil-rich nations such as the United Arab Emirates and Saudi Arabia are making significant investments to diversify their economies and attract foreign investors.
Brands for Less operates over 100 stores across seven markets in West Asia, offering discounts of up to 80 per cent on a wide range of products, including apparel, homeware, and toys from well-known brands.
This discount model has proven successful for Brands for Less during economic downturns, including the Covid-19 pandemic, according to Executive Chairman and Co-founder Toufic Kreidieh. With TJX’s support, the company plans to double its store count over the next five years.
Kreidieh described the experience of shopping for discounted brands as a “treasure hunt,” emphasising that businesses like Brands for Less are resilient during recessions. “This is where we really offer ourselves as a solution,” he said, highlighting that consumers prefer to buy discounted brands rather than forgo purchases altogether.
