Bed Bath & Beyond, the Union, N.J.-based specialty retailer, has announced a 50 percent stake in the privately held Mexico-based Home & More retail chain.
Bed Bath & Beyond invested $4 million in the joint venture agreement with the Mexican retailer, which sells a “broad assortment of products for the home, including domestics merchandise, home furnishings and giftware.”
This announcement follows the opening this past year of Bed Bath & Beyond's first international store in Richmond Hill, Ontario, Canada. In addition, Bed Bath & Beyond has signed or is in final documentation for approximately a dozen sites in Canada and is actively negotiating another dozen sites as it looks forward to its expansion throughout the country, the company said in a statement.
"Following on our successful entry into Canada, we are excited to be entering Mexico with the strong management team of Home & More as our partners,” said Steven Temares, CEO and member of the board of directors for Bed Bath & Beyond. "We believe there is a significant opportunity for future growth throughout Mexico."