On Thursday, Ulta Beauty confirmed its full list of inaugural stores in Mexico in partnership with Grupo Axo, a local multi-brand retailer. The list includes locations in León, Guadalajara, Tijuana and Monterrey, as well as more stores in Mexico City, where it opened two locations in August. By the end of 2025, it plans to have opened nine stores in Mexico.
Kecia Steelman, the retailer’s chief executive, told The Business of Beauty that Mexico was a key cornerstone for its future expansion. “Mexico represents [an] exciting next chapter of our growth,” said Steelman in an email, adding that care had been taken to ensure the store design, brand selection and campaign imagery will resonate with the Mexican customer.
The brand assortment of more than 300 names includes 35 making their debut in the market, including skincare brands Bubble and Sunday Riley, as well as cosmetics and hair care makers like Ouai, Half Magic and Morphe. A selection of Korean beauty brands, including Tirtir and Peach & Lily will also be sold in Mexico, as well as a selection of Latin-founded brands including Nopalera, Sarelly Sarelly, and Beautyblender under the “Proudly Latino” banner. Beauty services, which is a key differentiator in the US, will be available in many locations.
New markets are a key focus for Ulta Beauty in the next year. It acquired the British speciality retailer Space NK in July, and will open stores in the Middle East later this year through a partnership with local franchise operator Alshaya Group.
Mexico represents a huge opportunity for Ulta Beauty and the industry at large— its unemployment rate dropped to a historic low of 2.4 percent in 2024, and beauty sales rose 11 percent to $16.2 billion, according to data firm Euromonitor. More than half of its total population are Gen-Z or Millennials, two key beauty cohorts. But the competition will be stiff. Its key American rival, Sephora, has already opened between seven to 10 new stores in Mexico each year since 2021, while local premium retailers like El Palacio di Hierro remain footholds in the country.
After 35 years in business, Ulta Beauty has some 1,500 throughout the US, many concentrated in suburban areas. Ulta Beauty announced it would wind down its agreement with Target from 2025. Carving out new lanes of expansion and ownership will be key for Ulta Beauty’s leadership.
“[Launching in Mexico] is also a powerful opportunity to share our purpose globally and unite beauty enthusiasts on an international scale,” said Steelman.
Editor’s Note: This story was updated on Sep. 4 2024 to clarify the store count for 2025 is nine, not 11.
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