More Than 100 Stores in 5 Years. How Much Value Does Maja’s Growth Generate in Mexico?

While the global outdoor apparel market is growing at moderate rates, a Mexican brand is expanding at a considerably faster pace.

Maja, originally from Sinaloa, operates in a segment driven by changes in consumer behavior, advances in technical materials, and greater digital integration, where it competes with global brands such as Columbia and The North Face.

Between 2020—when it began operations—and 2023, it went from one to more than 20 stores; in the following two years, it quadrupled that figure, and by 2026, it already exceeded 100 locations.

It is not just scale. Last year, Maja’s sales tripled compared to 2023, and over the past three years, the company has maintained solid margins, retaining roughly a quarter of its revenue after covering costs, within a global market expected to surpass $174 billion in 2026 and grow at rates close to 5.6% annually through 2031.

That pace of growth raises an inevitable question: how sustainable is an expansion that moves faster than the market that supports it?

For now, expansion is anchored in a physical network: more than 85% of sales come from stores across all 32 states in the country, with a significant concentration in northern Mexico and the Bajío region, under a mixed model of company-owned locations and openings in partnership with local operators, which accelerates expansion but also increases operational demands by requiring execution to be replicated at each location.

That complexity is reflected in the types of spaces it occupies. Nearly half of its footprint is concentrated in shopping centers, while the rest is distributed across flagship stores and mixed-use locations, including corporate buildings and airports, suggesting an expansion that does not rely on a dominant format but rather on the ability to adapt to different consumption contexts.

Behind that expansion lies a limit. Unlike models where brand or digital platforms allow value to multiply, an operation based on physical presence and distributed execution tends to shift growth toward operations rather than leverage, meaning value advances with execution and not necessarily beyond it. When that balance breaks—and growth begins to outpace operations—tensions can start to emerge in consistency, control, and profitability.

This year, Maja expects to surpass 150 stores nationwide. Only time will determine whether that growth consolidates or dissipates.

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