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 target for opening new stores outside the US, according to Kimbell, who
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