Both Chipotle Mexican Grill (NYSE: CMG) and e.l.f. Beauty (NYSE: ELF) spent 2026 pursuing international customers in markets they had never previously served.
Rather than going it alone, both companies leaned on local partners to reduce risk and accelerate entry into unfamiliar territories.
Chipotle opened its first Asian restaurant on September 2 in Seoul’s Gangnam district, operating through a joint venture with local operator Sangmidang Holdings.
A joint venture means the two companies co-own the business and share both the financial risk and the operational responsibility in a new market.
Two more South Korean locations are planned before year-end, with Singapore targeted for 2027 as part of a broader Asia rollout strategy.
Chipotle also entered Mexico for the first time in July, partnering with Latin American operator Alsea in Monterrey, with Mexico City planned for 2027.
The company already operates more than 80 locations in Canada, 20 in the U.K., six in France, and two in Germany, giving it a template for international growth.
Management views South Korea as a “reference market,” meaning a blueprint it can replicate across the wider Asia-Pacific region over time.
Domestically, Chipotle relaunched its rewards program in April, extending point expiration from six months to a year and adding cheaper redemption options for its 21 million active members.
Softer same-store sales have weighed on CMG shares, as its core customers have grown more cautious about discretionary spending in the current environment.
International growth is unlikely to move the needle on Chipotle’s financials quickly, given how dominant the U.S. business remains relative to overseas operations.
On the beauty side, e.l.f. Beauty announced that rhode, the skincare brand founded by Hailey Rhode Bieber and acquired for $1 billion in 2025, launches at Sephora across 19 European countries on September 30.
That single launch takes rhode from operating in three countries to 22 in one day, representing an unusually fast geographic expansion for a consumer skincare brand.
Chief Executive Tarang Amin has noted that roughly 74% of rhode’s social media followers already live outside the United States, while international sales account for only about 20% of direct revenue.
That gap between audience size and actual sales suggests a significant conversion opportunity is sitting in front of the brand as retail access expands across Europe.
e.l.f. Beauty raised its fiscal 2027 sales outlook to 18% to 20% growth, up from a prior guidance range of 12% to 14%, reflecting greater confidence in its international strategy.
Both companies share a similar structural logic: a loyal audience already exists internationally, and the primary task now is giving those followers a convenient way to purchase the product.
Chipotle represents the steadier long-term position given its established international template, while e.l.f. Beauty offers higher upside if rhode’s enormous social media following translates into meaningful retail sales.
Investors willing to hold either stock for five or more years may benefit as both brands pursue global recognition rather than simply defending their existing domestic market share.
