LVMH-owned perfumery Sephora Americas has signed a joint venture agreement with Grupo Axo to establish a retail presence in Mexico. The two partners will begin operations with two store openings in the second half of 2011 and significant additional store openings targeted each year thereafter.

This joint venture further signifies Sephora’s expansion intent in the Latin American market, following LVMH’s acquisition of a majority stake in Sack’s, the leading online retailer of fragrances, cosmetics and toiletries in Brazil, earlier this year.