Nov 2, 2010
LVMH's Sephora enters Mexico to pursue Latin American growth
Nov 2, 2010
As a joint venture with Grupo Axo, Sephora enters Mexico, the largest prestige beauty and cosmetics market in Latin America. Two retail stores are expected to open in Q2 2011, Sephora Americas announces.
Sephora, owned by LVMH, and Grupo Axo, a strategic partner and distributor of LVMH's Marc Jacobs and Thomas Pink in the Mexican market, will begin operations with two store openings in the second half of 2011 and additional store openings each year thereafter. This joint venture further confirms Sephora’s expansion intent in the Latin American market, following LVMH’s acquisition of a majority stake in Sack’s, the leading online retailer of fragrances, cosmetics and toiletries in Brazil, earlier this year.
“This joint venture enables Sephora to capitalize on the exceptional growth opportunity we see in Mexico,” said David Suliteanu, President and CEO of Sephora Americas. Grupo Axo aims to customise its unique retail experience to the Mexican consumer.
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