Australian clothing group, Gazal Corporation, will sell Trade Secret, its off-price retail business, to America’s TJX, for $80 million.

“The sale of Trade Secret will be a good outcome for Gazal shareholder,” said Gazal chairman, Michael Gazal.

“We are also pleased to see Trade Secret will have the opportunity to grow further under TJX ownership. We have watched the success of TJX as the market leader in off-price retailing and their worldwide expansion and we are delighted for Trade Secret to become part of their global vision.”

TJX operates a total of 3441 stores in the US, Canada, UK, Ireland, Germany, Poland, and Austria across its retail brands T.J.Maxx, Marshall, HomeGoods, Trading Post, Winners, and HomeSense.

TJX chairman and CEO, Carol Meyrowitz, welcomed the anticipated addition and its first Australian acquisition.

“TJX is one of the few major US retailers to have expanded successfully in international markets, including Canada and Europe, which gives us confidence in our potential growth in Australia,” she said.

In FY2015, Trade Secret recorded sales of $164.5 million. Gross proceeds from the planned sale of shares of the Trade Secret entity are expected to be $80 million, somewhere between  $37 million and $41 million will be distributed to shareholders.

Trade Secret is an Australian off-price retailer, offering branded apparel for women, men and children, as well as footwear, accessories, and home fashions.

Trade Secret opened its first store in 1992 and since then, has grown to a 35 store chain with locations in NSW, Victoria, Queensland, and ACT.

Subject to customary closing conditions, the sale is expected to be completed by the end of the year.