Mexico’s Alsea Reveals Growing Ambition with Walmex, Grupo Axo Moves

Early last month, Alsea, the operator of Starbucks and Burger King outlets in Mexico, announced the purchase of Walmex’s restaurant division for US$630 million (Mx$8.2 billion), giving it full control of the popular Vips chain of family restaurants, among others. The move was a first for the company, which had previously focused on operating licenced global brands. It also came on the heels of the July 2013 purchase of a 25% stake in Grupo Axo, a marketer of brands like Tommy Hifilger, Guess,...