Chilean retail group Komax bought most of the stock package of the Uruguayan clothing and women’s undergarment chain SiSi.
The firm, which has the representation of brands such as The North Face, GAP, Brooks Brothers, DC and Kipling, among others, decided to add their presence in Uruguay to their businesses in Chile and Peru, reported El Mercurio de Chile and El País.
Founded in 1952, SiSi has 57 multi-brand stores, 44 of its own and 13 franchises, an e-commerce channel, and sells close to US $40 million a year, according to the Chilean newspaper.
In addition to underwear and lingerie, SiSi offers accessories, beauty products, beachwear, sleepwear and fitness wear.
After the purchase, of which the amount is unknown, Komax agreed to keep the current shareholder and general manager of the company, Gabriel Arlin, who will continue with the development of SiSi both within Uruguay and in other countries in South America, besides initiating operations of brands represented by Komax.
The purchase is within the framework of an expansion plan of Komax and incorporates the category of underwear to its portfolio of brands “and a new market with a stable economy, such as Uruguay, through a well-managed company such as SiSi and accompanied by excellent local partners, “said the general manager of Komax, Pedro Margozzini, through a statement.
Komax started operating in 1990, has 147 physical stores, 114 in Chile and 33 in Peru, to which they will add SiSi in Uruguay.