Ulta Beauty, which reported better-than-expected fourth-quarter earnings and revenue, is planning to make its international debut.
The beauty giant has entered into a joint venture with global brands operator Axo to launch and operate Ulta in Mexico in 2025.
“International expansion represents an incremental, long-term opportunity for Ulta Beauty to extend our reach and leverage our differentiated value proposition,” stated Dave Kimbell, CEO, who described Axo as “a highly experienced operator” of global brands. On the home front, Ulta plans to open 60 to 65 net stores in 2024, along with 40 to 45 remodels/relocations.
“We closed out a strong 2023 with better-than-expected fourth quarter financial performance,” Kimbell stated. “Our compelling holiday plans and thoughtfully curated assortment resonated with our guests and delivered healthy traffic, record brand awareness, and strong member growth.”
With regard to 2024, Kimbell said Ulta is well-positioned to drive strong top and bottom-line growth. “While we are mindful the near-term macro environment remains dynamic, we are optimistic about the resiliency of the beauty category, energised by the growth opportunities ahead of us and confident in our ability to deliver for our guests and our shareholders.”
