Grupo Sanborns, part of the group of companies owned by Mexican billionaire Carlos Slim, has increased its stake in Asian retail company Miniso BF Holding to 33.27 percent.
The conglomerate raised its share of capital stock in the Chinese-Japanese chain of low-cost stores from 18.27 to 33.27 percent on Monday.
In a statement to the Mexican Stock Exchange, Grupo Sanborns said that it reached a definitive agreement to increase capital of Miniso, which has more than 100 stores in Mexico.
“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).
The announcement came after an agreement in February between the two companies, when the Mexican magnate's firm bought 14.99 percent of the Asian company.
Grupo Sanborns is a retail company in Mexico with a portfolio that includes department stores Sears, Sanborns, iShop-Mixup, eduMac, Saks Fifth Avenue and Sanborns Café.
It is the main subsidiary of Grupo Carso, owned by Slim, and contributes about 50 percent of revenue and consolidated operating income.
As of March, 97 Sears, 166 Sanborns, 130 iShop-Mixup and 54 Dax-Sanborns coffee and Saks Fifth Avenue in Mexico and Central American countries operated in Mexico.
Grupo Carso, founded more than 35 years ago, is one of the largest and most important diversified conglomerates in Latin America and is made up of four sectors: commercial and consumer, industrial and manufacturing, infrastructure and construction and energy.
Miniso, a Japan-based designer brand, was co-founded by Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu in Tokyo, with the former serving as chief designer.
It entered the Chinese market in September 2013 and began to develop in the Chinese market comprehensively.
The chain opened more than 3,500 stores in five years and reported a business turnover of USD 2.5 billion in 2018. EFE-EPA