Original Source: El Mercurio
January 13, 2019
Komax, the Chilean retailer that distributes brands such as The North Face, GAP, Brooks Brothers, DC, Kipling and others – owned by Arístides Benavente, Carlos Alberto Cartoni and Linzor Capital – decided to expand its current footprint. It has now added Uruguay to its existing operations in Chile and Peru, by buying a majority stake in the underwear retailer SiSi.
Founded in 1962, SiSi is the leading chain in Uruguay in underwear and lingerie, with 57 multibrand stores (44 owned and 13 franchised) and US$40 million in annual sales. In addition to underwear and lingerie, SiSi stores sell accessories, beauty products, beachwear, sleepwear and athletic gear.
After the purchase, Komax agreed to the continuation of current shareholder and CEO, Gabriel Arlin, who will have the challenge of continuing SiSi’s development both in Uruguay and in other South American countries, as well as beginning to operate other Komax brands in Uruguay.
“We are very pleased to make progress on Komax’s expansion plan, adding the underwear category to our brand portfolio and a new market with a stable economy, Uruguay, through a well-managed business like SiSi and in association with excellent local partners,” commented Pedro Margozzini, CEO of Komax.
Currently Komax, founded in 1990, operates through 147 store locations, 114 in Chile and 33 in Peru, to which they are adding SiSi in Uruguay.