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Sephora Expands Into Latin America
Posted: October 29, 2010
Sephora Americas announced it has signed a joint venture agreement with Grupo Axo to establish a retail presence in Mexico. Sephora, which is owned by world luxury leader LVMH Moët Hennessy Louis Vuitton, and Grupo Axo will begin operations with two store openings in the second half of 2011 and a significant number of additional store openings targeted each year thereafter. This joint venture further signifies Sephora’s expansion intent in the Latin American market, following LVMH’s acquisition of a majority stake in Sack’s, a leading online retailer of fragrances, cosmetics and toiletries in Brazil, earlier this year.
This agreement between Sephora Americas and Grupo Axo capitalizes on the strengths of both companies, combining Sephora's extensive experience in the global fragrance and cosmetics market with Grupo Axo’s expertise in the strategic and commercial development of prestigious brands in Mexico. Founded in 1994, Grupo Axo represents, distributes and operates a portfolio of high-end, specialty brands, including LVMH Group brands Marc Jacobs and Thomas Pink, through retail and wholesale strategies.
“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. “Grupo Axo has a proven track record of success in establishing international brands in Mexico. We are pleased to be working with them to introduce and customize our unique retail experience and extensive selection of the most sought-after new brands and established global brands, along with local favorites and new finds, tailored to the Mexican consumer,” continued Paula Larroque, Sephora’s SVP of Latin America.
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.” And Alberto Fasja, co-president of Grupo Axo, added, “We look forward to opening Sephora’s retail stores, and watching the beauty retail experience be completely transformed for Mexican consumers.”