Cosmetic retailer Sephora is moving into Mexico.
Sephora Americas today announced it has signed a joint venture agreement with Grupo Axo to establish a retail presence in Mexico, one of the most important and well-developed fragrance and cosmetics markets in Latin America.
Sephora is owned by LVMH Moet Hennessy Louis Vuitton. They will begin operations with two store openings in 2011 and additional store openings each year thereafter. This joint venture with Grupo Axo further shows Sephora’s expansion intent in the Latin American market. Earlier this year, LVMH bought a majority stake in Sack’s, the leading online retailer of fragrances, cosmetics and toiletries in Brazil.
“This joint venture marks a substantial step in Sephora’s expansion into Latin America and enables Sephora to capitalize on the exceptional growth opportunity we see in Mexico,” said David Suliteanu, President and CEO of Sephora Americas.
Andres Gomez, Co-President of Grupo Axo, stated, “Sephora is one of the world’s most innovative retailers. Its presence in Mexico will be unlike anything that is offered in this market today.”