Ulta Beauty Lays Out Strategy to Fuel Long-term Growth

Ulta Beauty, the leading beauty retailer, has outlined a strategic plan to drive its growth and expansion, aiming to reach a total of 1,800+ stores by 2028. The company's ambitious growth strategy includes a focus on accelerating new store openings, with a target of opening 200 net-new stores over the next three years. This aggressive expansion plan is part of Ulta Beauty's commitment to investing in its long-term growth and solidifying its position as the destination for beauty enthusiasts.

To achieve its growth targets, Ulta Beauty has announced several strategic initiatives. One key focus is driving loyalty program growth to reach 50 million members by 2028. The company plans to attract new segments of beauty shoppers by enhancing its loyalty program offerings and creating more engaging experiences for its members. Additionally, Ulta Beauty aims to establish a leadership position in the wellness category by expanding its assortment and elevating the in-store experience.

To deepen guest engagement and foster customer loyalty, Ulta Beauty will focus on community-building and advanced personalization. By creating a more personalized and immersive shopping experience, the company aims to strengthen its connection with customers and drive long-term growth. Furthermore, Ulta Beauty will continue to drive product newness through its exclusive, emerging, and established brands, including its private label Ulta Beauty Collection.

Ulta Beauty's strategic plan also includes enhancing the in-store experience by investing in key differentiators such as its best-in-class store associates and stylists, distinct service offerings, and signature events. The company will also elevate its digital engagement by continuing to innovate and streamline the shopping experience, ensuring that it meets the needs of its customers across all platforms.

The retailer anticipates that its growth will pick up in 2025 and 2026, with a target of 4% to 6% net sales growth in the long term. Ulta Beauty's commitment to investing in its growth and expansion, coupled with its strategic initiatives, positions the company to continue its success in the competitive beauty market.