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Ulta’s Footprint Will Grow From US To Mexico In 2025 Under Axo Partnership

 
• By Eileen Francis

Bolingbrook, Ill.-based Ulta Beauty, Inc. will make its international debut in Mexico, a "sizable, growing” market that represents "significant beauty opportunity," says CEO David Kimbell in the firm’s a fiscal 2023 fourth-quarter earnings presentation.

Ulta Beauty, Inc. will pursue its first international market expansion in 2025 in Mexico – a country “tailor-made” for the beauty retailer – through a joint venture with Grupo Axo, CEO David Kimbell announced in a 14 March fiscal 2023 fourth-quarter earnings presentation.

After considering entry in Canada in 2019 and then evaluating “many” other markets, Ulta identified Mexico as the best initial...

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