Who Owns Ulta Beauty?

Ulta Beauty is an American beauty chain store based in Bolingbrook, Illinois. The company was founded in 1990 by Dick George and Terry Hanson. Ulta reinvented the beauty retail experience by offering products from the leading brands in one place. As of Feb 2024, Ulta Beauty operated over 1,350 retail stores across 50 US states. The company also distributes its products through its website, with beauty tips, tutorials, and social content. [1]

Ulta is America’s largest beauty retailer offering cosmetics, fragrances, skincare and hair care products, and salon services. The company has invested in improving interactions at all touchpoints, allowing shoppers to effortlessly move between physical and digital channels.

In Aug 2023, Ulta completed the digital commerce experience transition to its new architecture. The initiative modernized Ulta’s digital tech ecosystem, including cart, promotions, checkout, and member account data, to elevate and optimize guest experiences. [2]

Ulta Beauty has been operating only in the US since its founding while exploring lucrative partnerships to enable its global expansion. In Mar 2024, the company announced a joint venture with Grupo Axo to launch in Mexico in 2025.

Axo is one of the leading players in the prestige fashion and beauty sectors in Mexico, Chile, Uruguay, and Peru. The partnership offers a long-term opportunity for Ulta to extend its reach globally. [3]

Ulta stays ahead of competitors by offering high-quality beauty products from emerging and established brands. Its all-in-one approach ensures customers fulfill their beauty needs under one roof. In Jan 2024, Charlotte Tilbury joined Ulta’s distribution network.

Ulta started selling Charlotte Tilbury makeup and skincare products online before rolling them out to its 600 stores. The news came after Ulta added Olehenriksen and Rihanna’s Fenty Beauty to its distribution. But who owns Ulta Beauty? [4]

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Who is Ulta Beauty’s Parent Company?

Ulta Beauty is a public company listed on NASDAQ under the ULTA ticker symbol. It has been trading on the NASDAQ stock exchange since its Oct 2007 IPO. The deal extended Ulta Beauty’s ownership to the general public and institutional investors.

In Jul 2022, ulta.com became America’s leading beauty retailer website, with over 71 million monthly visits. [5]

Shareholders rely on the company’s top management to deliver value on their investments. In Nov 2023, Ulta selected senior VP of finance Paula Oyibo to succeed Scott Settersten as CFO. Settersten retired as CFO, Treasurer, and Assistant Secretary in Apr 2024 after nearly 20 years with the company, paving the way for Oyibo to take the CFO position. CFO Oyibo reports to Ulta CEO Dave Kimbell. [6]

Dave Kimbell has been Ulta’s CEO for 10 years since 2014. The company has recorded significant expansion under his leadership. In Apr 2024, CEO Dave Kimbell told investors that Ulta has recorded a slowdown across the beauty category after growing for several consecutive years.

Ulta sales declined in the first two months of its fiscal 2024. The news dampened the company’s stock, leading to a 15% drop in share price. [7]

Ulta fuels its expansion through partnerships and joint ventures. One of the company’s partners is Youthforia, a 3-year-old beauty brand with over 20 million views on TikTok.

Youthforia launched at Ulta in 2022, becoming Ulta’s first East Asian makeup brand. In Mar 2024, Youthforia and Ulta expanded their partnership. Consumers can now access Youthforia’s Date Night Skin Tint Serum in 525 Ulta stores and BYO Blush in all Ulta locations. [8]

Image Credit Jazmin Quaynor — Image Credit: Jazmin Quaynor

Ownership History

Richard George and Terry Hanson founded Ulta Beauty in 1990 as Ulta3. The co-founders are the original Ulta owners. Before founding Ulta, George and Hanson worked at Osco Drug Inc. They leveraged their previous connections to attract other Osco executives to their new company and raise $11.5 million in venture capital. Hanson became the CEO in 1995 after George left the brand. In 1999, the company rebranded from Ulta3 to Ulta, with Lyn Kirby as its President and CEO. [9]

Ulta Beauty went public in Oct 2007 and started trading on NASDAQ. The IPO transferred the company’s ownership to the general public. In 2008, Ulta opened its second distribution center in Phoenix, Arizona.

Mary Dillon was appointed Ulta CEO on Jun 24, 2013. By 2015, Ulta had created over 22,000 new jobs across the US. [10]

Ulta Beauty recorded significant expansion after its IPO. The brand launched at Target in Aug 2021. In 2022, Target announced plans to expand Ulta Beauty to 250 stores. Consumers can now purchase Ulta products in 800 Target locations across the US.

Ulta Beauty expanded its inventory and market reach by partnering with several brands, including Olehenriksen, Fenty Beauty, Oxa, and Youthforia. [11]

Shareholder Structure

Ulta Beauty, Inc. is a public company trading on NASDAQ. Anyone can buy Ulta shares on the NASDAQ stock exchange. As of Dec 2023, Ulta had 49,067,744 Stock A shares. This figure includes 47,841,848 free-float shares and 799,000 company-owned shares. [12]

Ulta Beauty, Inc. has been part of the S&P 500 specialty stores sub-industry index since 2016. In Apr 2024, the company’s shares fell 12% to $454.84. The drop positioned Ulta as the worst performer in the S&P 500. The company’s management announced a new share repurchase authorization of $2 billion to stabilize its stock value. [13]

Ulta Beauty Inc.’s shareholder structure includes institutions, insiders, and individuals. The company has 1,483 institutional investors. As of Dec 2023, Vanguard Group was Ulta’s largest shareholder with 11.57%.

This figure represents 5,586,326 shares. Blackrock Inc. is Ulta’s second-largest shareholder with 9.22%, followed by State Street Corp at 4.19%, Price T.Rowe Associates at 3.27%, Morgan Stanley at 2.92%, and Geode Capital at 2.37%. Other top players include Amundi, Voya Investment, and Goldman Sachs. [14]

Ulta Beauty Inc.’s insiders own 0.19% of the company. As of Mar 2024, CEO Dave Kimbell was Ulta’s largest insider shareholder, with 45,736 shares. CFO Scott Settersten is second with 17,980 shares, followed by President Kecia Steelman at 12,120, General Counsel Jodi Caro at 7,451, and Director Lorna Nagler at 6,529. Other insiders owning Ulta shares include Anita Ryan, George Mrkonic, Michael Smith, Catherine Halligan, and Michael McDonald. [15]

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