Ulta Beauty is gearing up for international expansion into Mexico. The beauty retailer, which operates about 1,400 stores across the US, has announced a joint venture with Grupo Axo, a major player in the prestige fashion and beauty sectors in Mexico, Chile, Uruguay and Peru, to launch in the country in 2025.
“International expansion represents an incremental, long-term opportunity for Ulta Beauty to extend our reach and leverage our differentiated value proposition. We have evaluated various operating models and partners, and geographies, and we are excited to announce the formation of a joint venture with Axo, a highly experienced operator of global brands, to launch and operate Ulta Beauty in Mexico in 2025,” said Dave Kimbell, Ulta Beauty’s chief executive officer.
The news comes after plans to enter Canada were postponed due to the pandemic. Instead, Ulta focused on strengthening its operations in the United States and enhancing its omnichannel capabilities, including online shopping.
