FEMSA Takes Full Ownership of OXXO in Brazil

Fomento Económico Mexicano (FEMSA) has finalized the separation of Grupo Nós, its Brazilian joint venture with Raízen, thereby assuming full ownership of the OXXO brand in the country. The completion of the transaction, announced on Monday, Feb. 2, 2026, marks a strategic pivot for the Mexican conglomerate as it seeks to accelerate its retail footprint in South America’s largest market.

Under the terms of the agreement, FEMSA will retain 609 OXXO stores in Brazil, along with its primary distribution center in Cajamar, São Paulo. Raízen, a joint venture between Shell and Cosan, will retain control of 1,256 Shell Select convenience stores. The transaction is structured as cash-neutral for both parties, with FEMSA assuming Grupo Nós’ existing debt, estimated at 300 million Brazilian reais.

Strategic Expansion in Fragmented Markets

The dissolution of Grupo Nós, which was established in 2019, enables both companies to pursue independent growth strategies. FEMSA’s leadership has identified Brazil as a priority market due to its fragmented retail landscape and the strong product-market fit of the modern proximity-store format.

“The high relevance of the OXXO value proposition for Brazilian consumers represents a significant growth opportunity,” the company said. FEMSA expects to maintain an annual store expansion rate of between 20% and 25% over the next decade. In 3Q25, OXXO Brazil reported a 37.1% increase in total revenues and a 22.0% rise in same-store sales in local currency.

Financial Performance and Leadership Succession

The operational shift comes amid steady financial growth for FEMSA. In its 3Q25 results, the company reported a 9.1% increase in consolidated revenues, supported by its international operations and retail division. The Proximity Americas unit, which includes OXXO, recorded a 9.2% revenue increase over the same period.

The company’s digital and beverage segments also showed positive momentum. Spin by OXXO, FEMSA’s digital financial service platform, reached 9.9 million active users, representing a 20.5% year-over-year increase. Meanwhile, Coca-Cola FEMSA posted revenue growth of 3.3%, contributing to the stabilization of the group’s balance sheet.

FEMSA is undergoing a major leadership transition. José Antonio Fernández Garza-Lagüera assumed the role of CEO on Nov. 1, 2025, succeeding José Antonio Fernández Carbajal. Fernández Garza-Lagüera previously led the Proximity & Health division and oversaw the rapid expansion of the Spin Premia loyalty program, which totaled 27.7 million users by late 2025.