Sephora Americas, a subsidiary of world luxury leader LVMH Moët Hennessy Louis Vuitton, has signed a joint venture agreement with Grupo Axo to establish a retail presence in Mexico, one of the most important and well-developed fragrance and cosmetics markets in Latin America.

Since 1994, Grupo Axo has been distributing, operating and promoting internationally renowned brands such as Benetton, Emporio Armani, Guess, Marc Jacobs, or Tommy Hilfiger. The group will close 2010 with more than 100 free-standing and mall stores and over 1500 shop-in-shops and corners within major department stores in the Mexican market.

Sephora expects to begin operations with two store openings in the second half of 2011 and significant additional store openings targeted each year thereafter.

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. In July this year, LVMH’s acquired a majority stake in Sack’s, the leading online retailer of fragrances, cosmetics and toiletries in Brazil.