14499 Wed, 05/14/2008 - 4:38pm
UNION, N.J.–Bed Bath & Beyond has formed a joint venture with Home & More, S.A. de C.V., a Mexican products retailer. As a result of a $4 million investment, the retailer becomes a 50 percent equity holder in a newly formed entity currently operating two stores in Mexico City under the name Home & More, which offer a wide assortment of products for the home including textiles, home furnishings and giftware.
The news follows the December opening of Bed Bath & Beyond’s first international store in Ontario, Canada. The retailer is now eyeing 24 locations in Canada.
“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, chief executive officer of Bed Bath & Beyond, in a statement. “We believe their depth of retail experience and local knowledge in Mexico supports our partnership’s short and long-term prospects for growth within Mexico.”