Mexico regulator fines restaurant operator Alsea

 Mexican restaurant operator Alsea on Friday said it must pay a fine of 25.7 million pesos (US$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.