Ulta Beauty

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Ulta Beauty, Inc.
FormerlyUlta Salon, Cosmetics & Fragrance Inc. (1990–2017)
Company type
Public
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Headquarters
Bolingbrook, Illinois
,
U.S.
Number of locations
1,445 (2025)
Key people
Kecia Steelman (CEO)
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Total equityIncrease US$2.5 billion (2024)
Number of employees
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SubsidiariesSpace NK
Websiteulta.com
Footnotes / references
Financials as of February 1, 2025.[1]

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File:An Ulta Beauty retail store in Forestville, Maryland.jpg
Ulta Beauty, Forestville, Maryland
The beautifully designed Ulta Beauty Logo
Ulta Beauty Logo

Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois.[2] Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.

History

Ulta was founded by Richard E. George, the former president of Osco Drug, Inc., and Terry Hanson. George left Osco in 1989 to develop a business plan for a retailer that would offer beauty products at different price levels.[3] Other Osco executives joined George and Hanson in the business and raised $11.5 million in venture capital. Founded in 1990, the company was initially called Ulta3 to suggest a third option for consumers to purchase beauty products, beyond a drugstore or department store.[4] Upon its launch, the brand opened five brick and mortar locations in the suburbs of Chicago. The name Ulta3 came from the idea to sell multiple types of beauty products in the same store.[5] The first of the locations opened at High Point Centre in Lombard, Illinois in early October 1990.[6] The name was changed from Ulta3 to Ulta at the end of 1999.[3][7]

On October 25, 2007, the company became publicly traded on the NASDAQ.[8]

In 2008, Ulta also opened a second distribution center in Phoenix, Arizona.

In 2020, before the COVID-19 pandemic there were 44,000 employees.[9] By 2021, Ulta employed approximately 37,000 people.[10] In 2024, company employment rose to 58,000 employees.[11]

Corporate governance

George left Ulta in 1995, and Hanson became the company's chief executive officer (CEO).[7] In December 1999, Lyn Kirby became the president and CEO and Charles "Rick" Weber became senior executive vice president, chief operating officer (COO) and Chief Financial Officer (CFO).

In 2010, Carl "Chuck" Rubin was appointed as chief operating officer, president, and as a member of the board of directors.[12]

On June 24, 2013, it was announced that Mary Dillon would be appointed as CEO and a member of the board of directors, effective July 1, 2013.[13] Dillon was previously the chief of U.S. Cellular and a senior executive at McDonald's and PepsiCo.[14]

On January 6th, 2025, Dave Kimbell announced his retirement as CEO of Ulta Beauty effective immediately. Dave Kimbell was succeeded as CEO by Kecia Steelman, who was previously the company’s chief operating officer.[15] The same month, Amiee Bayer-Thomas was named chief retail officer.[16]

In June of the same year, Chis Lialios was appointed as chief financial officer (CFO). Also in June 2025, Lauren Brindley was named chief merchandising and digital officer.[17]

Locations

File:ULTA, Dublin, CA 1 2016-11-13.jpg
The inside of an Ulta store in Dublin, California, 2016

Ulta Beauty operates in the United States, and has one branch in Kuwait. As of January 28, 2023, Ulta had some 1,355 stores across all 50 states, with about 250 of those stores located inside Target stores.[18] Ulta Beauty had 168 retail locations across California, the highest number of any state.[19] Ulta Beauty has a total of 7 distribution centers in 7 different states.

In 2025, Ulta Beauty launched their first store outside the United States, in The Avenues Mall, Kuwait. The company also announced their expansion into the Mexican market through a joint venture with the retail group Axo. This decision was part of the company's long-term growth strategy, following an evaluation that identified Mexico's beauty market as a sector with significant growth potential. The initial phase of this expansion included plans to open stores in Mexico City and Guadalajara, and aimed to introduce the brand to key urban centers.[20][21]

Operations

Ulta Beauty offers both high-end and drugstore cosmetics, skincare, and fragrances, in addition to its own brands of beauty products and fragrances. They sell brands such as MAC Cosmetics,[22] Kylie Cosmetics,[23] and ColourPop Cosmetics.[24]

Ulta Beauty sales were $713.8 million for the first quarter ending in May 2014.[25] At the end of the second quarter ending in August 2014, Ulta Beauty reported that total sales increased by 22.2% and comparable store sales increased 9.8%.[26][27]

As of 2019, Ulta had stores in 48 states.[28] A majority of Ulta Beauty stores are located in the East Coast region and in California.[29]

The same year, Ulta joined the 15 Percent Pledge, which dedicated more store shelf space to Black-owned businesses.[30][31]

In 2022, Ulta collaborated with Allure, bringing a collection of 25,000 products to Allure’s online and brick-and-mortar stores. The collaboration ran from July to September 2022 and included brands such as Fenty Beauty, Drybar, Olaplex, Tula, The Ordinary, Peter Thomas Roth, CosRX, NYX, Morphe, and Beekman 1802 selected by Ulta's merchandising team.[32][33]

On January 1, 2024, Ulta Beauty began construction to move out from their original distribution center located in Romeoville, IL 888-FFC to their new Bolingbrook, IL 871-MFC building & began operations on August 5, 2024.

By October 2025, Ulta Beauty saw an annual revenue of 2.858 billion, increasing 12.95% from 2024.[34] By early 2026, the company maintained more than 400 locations. By early 2026, Ulta Beauty had more than 400 locations. [35]

Target partnership

In August 2021, the retail chain Target started selling Ulta's products.[36] By 2025, there were 600 Target locations selling Ulta products, 200 short of their mutual goal.[37] Following the failure to meet projected goals, Ulta Beauty and Target Corporation formally announced that they were ending their partnership in August 2025.[37] The two companies mutually agreed to not renew their agreement for the coming year, meaning the Ulta Beauty at Target experience would end in August 2026. Ulta Beauty products were still available in Target stores and online until the end of the agreement.[38]

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 27, 2025.
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  3. ^ a b Page Module:Citation/CS1/styles.css has no content.Kukec, Anna Marie (February 5, 2017). "How Ulta grew from the suburbs into a top national retailer". Daily Herald Business Ledger. Archived from the original on March 31, 2018. Retrieved May 23, 2019.
  4. ^ Page Module:Citation/CS1/styles.css has no content.Forces, Porters Five (2026-01-23). "What is Brief History of Ulta Beauty Company?". Porter's Five Forces. Retrieved 2026-02-17.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Unger, Tristan (2023-10-14). "A Valuation of Ulta Beauty $ULTA". Vidette Capital Research. Retrieved 2026-02-17.
  6. ^ Lazarus, George. "Print vs. TV debate in another go-round", Chicago Tribune, October 10, 1990, section 3, page 4.
  7. ^ a b Page Module:Citation/CS1/styles.css has no content.Pederson, Jay P., ed. (2008). International Directory of Company Histories. Detroit: St James Press. pp. 472–473. ISBN 9781558626140.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Form 10-K". www.sec.gov. U.S. Securities and Exchange Commission. Retrieved July 25, 2020.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Lublin, Joann S. (2022-01-29). "The Mentors Who Helped Ulta Beauty's Unlikely CEO Succeed". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-05-06.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Ulta Beauty: Number of Employees 2007-2021". macrotrends.net. Retrieved August 16, 2021.
  11. ^ Page Module:Citation/CS1/styles.css has no content."Ulta Beauty: Number of Employees 2012-2025 | ULTA". www.macrotrends.net. Retrieved 2026-02-17.
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  13. ^ Page Module:Citation/CS1/styles.css has no content."Mary Dillon leaves U.S. Cellular to become CEO of Ulta". Crain's Chicago Business. June 24, 2013. Retrieved July 12, 2019.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Ulta Beauty Names Mary Dillion Chief Executive Officer". Yahoo! Finance.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Lebsack, Lexy (2025-12-11). "Ulta Beauty CEO Kecia Steelman unpacks her first year in charge and 2026 goals, plus news". Glossy. Retrieved 2026-02-17.
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Official website ULTA México

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