Who owns Ulta Beauty Mexico joint venture (with Grupo Axo)

Ulta Beauty Mexico joint venture (with Grupo Axo) - Profile

The Ulta Beauty Mexico joint venture opens and operates Ulta Beauty branded specialty beauty stores in Mexico, licensing the brand name and the retail operating model from Ulta Beauty while Grupo Axo, a Mexican operator of international consumer brands, supplies local retail, supply chain and market expertise. The first store opened at Antara Fashion Hall in Mexico City on 21 August 2025 and was followed by Galerías Metepec, with a first year plan covering nine stores in Mexico City, Guadalajara, Monterrey, León, Tijuana and the State of Mexico. The stores stock about 35 beauty brands, mixing labels familiar from Ulta Beauty's United States assortment, such as Morphe, Bubble and Ouai, with Mexican brands including Ahal, AloeVida and Sarelly Creativo Lab.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Ulta Beauty, Inc.. The FY2025 10-K (period ended 31 Jan 2026, filed 26 Mar 2026) states that in Mexico 'the Company has a joint venture partnership with Grupo Axo, whereby the joint venture licenses the Ulta Beauty brand name and operating model from the Company to launch and operate Ulta Beauty-branded stores in Mexico,' established during fiscal 2025 (the Company's first year of international expansion beyond the Space NK acquisition), with nine stores operating through the JV as of 31 Jan 2026. The JV is accounted for under the equity method: the 10-K income statement carries an 'Equity net loss of affiliate' line of $3,857 thousand for fiscal 2025 (zero in fiscal 2024 and fiscal 2023, confirming fiscal 2025 as the JV's first year), and the Q1 FY2026 10-Q reports a further $1,579 thousand equity net loss of affiliate for the 13 weeks ended 2 May 2026 (versus $628 thousand for the year-ago quarter, the JV's first partial quarter). Confirmed independently via SEC XBRL companyconcept us-gaap:IncomeLossFromEquityMethodInvestments, which shows the same quarterly and annual figures. Neither filing discloses Ulta's ownership percentage in the JV, the JV's total equity, or Ulta's investment/carrying-value balance on Ulta's balance sheet; searched both filings via scripts/filing.py for 'Grupo Axo', 'equity method investee', 'Investment in affiliate', 'carrying value', and 'Mexico' with no dollar balance or percentage found. SEC XBRL companyconcept for us-gaap:EquityMethodInvestments returns no data at all for this CIK (no such tag used), and no separately captioned 'Investment in affiliate' or 'equity investment' balance-sheet line item exists in the notes to the financial statements (the balance is presumably folded into an unlabeled other-assets bucket). Recorded here as a sourced but unsized equity-method investee rather than omitted, per the rule that a real stake with no disclosed size still gets a row with null numeric fields. sourcesource 2source 3