Ulta Beauty’s decision to expand into the Mexican market in 2025 marks a strategic move for the renowned beauty retailer. With a proven track record of success in the United States, Ulta Beauty is poised to capitalize on Mexico’s growing beauty industry and consumer demand for high-quality cosmetics and skincare products. News of the Mexico joint venture was revealed in Ulta’s fourth-quarter earnings for the period ended Feb. 3.
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In 2019, the retailer announced a Canada launch under previous CEO Mary Dillon, but that never materialized. Net sales increased 10.2 percent year-over-year to $3.6 billion, compared to $3.2 billion, primarily due to increased comparable sales. Wall Street had forecast $3.53 billion. Net income increased 15.7 percent to $394.4 million, compared to $340.8 million.
Skin care was its best-performing category, delivering double-digit comp growth. Dermatologist-recommended brands continued to appeal to consumers, fueling growth for La Roche Pose, Dermalogica and Cetaphil at the retailer.
Overall, Ulta Beauty’s entry into the Mexican market represents a significant milestone in its global growth strategy and reaffirms its position as a leader in the beauty industry.