MONTERREY, Oct 30 (Reuters) - Mexican restaurant operator Alsea on Friday said it must pay a fine of 25.7 million pesos ($1.56 million) to the competition regulator for not providing advance notice of its purchase of a stake in retailer Grupo Axo two years ago.
Alsea, which operates PF Chang‘s, Starbucks, Burger King and other restaurants, in 2013 purchased a 25 percent stake in Axo, giving it a foothold in the retail clothing market.
“The firm is evaluating legal alternatives with which to challenge this decision,” Alsea said in a statement.
Axo, which distributes and retails international clothing and cosmetic brands such as Tommy Hilfiger and Coach, also said it received a fine from Cofece, totaling 2.98 million pesos.
$1 = 16.4970 Mexican pesos Reporting by Gabriela López, writing by Anna Yukhananov; Editing by David Gregorio