The cosmetics giant will allocate an investment of more than 150 million Mexican pesos ($7.5 million) to open five new stores in the country by 2022 and boost its e-commerce operations.
Darío Aguilar, Sephora Mexico’s chief executive, told the local edition of Forbes that, along with Brazil, Mexico is one of its most important beauty markets, meaning the company needs to continue growing and expanding its footprint there.
Digital expansion is also an important part of the plan, Aguilar added, and 70 million pesos ($3.5 million) has been earmarked to boost e-commerce and develop technology for augmented reality features for virtual product testing.
According to the Mexican Association of Online Sales (AMVO) the country’s e-commerce retail sector grew 81 percent year-on-year in 2020.
It is the first country in North America and the 41st country globally to do so.