Listen to the article
Dive Brief:
Marking its debut in the country, Ulta Beauty opened its first two stores in Mexico at the end of August, according to a company press release Thursday.
The retailer opened its first location on Aug. 21 at Antara Fashion Hall in Mexico City and its second store on Saturday at Galerías Metepec. The company will host a private grand opening celebration at the Mexico City store on Sept. 18.
Ulta plans to open several additional stores in Mexico in 2025, for a total of nine locations across the country. The brick-and-mortar stores are developed in partnership with retail company Axo.
Dive Insight:
Ulta Beauty’s official entrance into Mexico’s retail industry comes over a year after the company first announced its plans to do so.
“Entering Mexico represents a bold and exciting step for Ulta Beauty as we bring our unparalleled assortment and inclusive shopping experience to beauty lovers in this significant international market,” Ulta CEO Kecia Steelman said in a statement. “We’re thrilled to partner with Axo to share the brands and services our guests already know and love, while also celebrating and tailoring our offering to the vibrant beauty community in Mexico.”
The stores will feature 35 beauty brands at launch, ranging from the Ulta Beauty Collection to exclusive brands such as Isima by Shakira. The assortment will also feature popular names like Morphe and Mexican beauty brands including AloeVida.
Ulta has turned its eye to global expansion as a way to foster growth. The retailer acquired U.K. beauty retailer Space NK (which operates 83 stores) earlier this year, helping contribute to its recent 9.3% sales growth in Q2.
However, in a notable difference to its entrance into Mexico, Ulta will continue to have Space NK operate as its own branded retailer.
“Space NK will continue to operate as a stand-alone subsidiary with CEO Andy Lightfoot and his talented team staying at the helm leading operations from the U.K.,” Steelman told analysts on an earnings call last week. “We see opportunities to leverage each other’s strengths, talents and expertise. And over the long term, we will focus on sharing best practices and transferring learnings between markets, particularly around assortment, guest experience and scaling growth.”
The executive, who only took on the CEO spot in January, added on the call that Ulta is on track to open its first store in the Middle East later this year.
Although international expansion remains an integral component to Ulta’s long-term growth strategy, Steelman noted that the U.S. business remains a top priority.