Grupo Sanborns’ stake in Miniso grows to 33.27%
today Jul 16, 2019
Grupo Sanborns, part of the group of companies owned by Mexican billionaire Carlos Slim, announced on Monday that it has reached an agreement to buy an 18.27% stake in Asian retail company Miniso BF Holding, taking its total interest to 33.27%.
“Subject to the execution of the respective contracts, Grupo Sanborns’ shareholding in Miniso BF Holding will increase in the coming days through the acquisition of shares to reach a total interest of 33.27% in Miniso's capital stock,” announced the Mexican company in a statement sent to the Mexican Stock Exchange (BMV).
Grupo Sanborns first invested in Miniso in February 2019, when it bought a 14.99% stake in the Asian firm.
Miniso is a Chinese low-cost retailer of home products, beauty, fashion, sports, technology, gifts and seasonal items. It arrived in Mexico in 2016 with the opening of a store in Galerías Coapa in Mexico City and a further location at Multiplaza Aragón in the State of Mexico.
Since then, the brand has expanded rapidly across the country, reaching more than 130 stores this year and adding new cities such as Sonora and Sinaloa. In addition to opening the first Miniso Factory in the State of Mexico this month, Miniso aims to have 200 locations in Mexico by the end of the year.
Meanwhile, the Sanborns Group led by Patrick Slim Domit is a subsidiary of Carso Group - the global conglomerate company owned by billionaire Carlos Slim. Sanborns operates the Mexican chains of Saks Fifth Avenue, DAX and Sanborns Café, among others.
In the third quarter of 2018, the group recorded total sales of 11.8 billion pesos ($621 million), with revenues growing 7.1% compared to the same period of the prior year.
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