Bed Bath & Beyond to enter Mexico in j.v.
May 15, 2008-- Home Textiles Today,
Union, N.J. – Specialty retailer Bed Bath & Beyond has formed a joint venture with privately held Mexican home goods retailer Home & More, S.A. de C.V.
By way of investing $4 million, BBB is a 50% equity partner in the new entity now operating two Home & More stores in Mexico City, the U.S. retailer said. Merchandise lines at Home & More include textiles, furnishings and giftware.
Marc Monsonego, ceo of Home & More, said, “Our management team is eager to combine Bed Bath & Beyond's success – the culture, merchandising strategies and superior customer service – with our proven track record in Mexico.”
“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. 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,” said Steven Temares, ceo of BBB.
BBB said the j.v. “will not have a material effect on its overall results or financial condition for fiscal 2008.”
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