Ulta Beauty Achieves 38% Sales Growth In 2021, Predicts 'Normalized' 2022
Ulta’s shop-in-shop partnership with Target Corporation, expansion of its Conscious Beauty platform, and its growing investment in BIPOC-associated brands were among highlights in fiscal 2021, which benefited from comparisons against 2020 when the world locked down under siege by COVID-19.
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Ulta Beauty will add to its Ulta-only collections in the fiscal 2023 third quarter, bringing on cosmetics brands developed by the founders of Too Faced and Puig’s Paco Rabanne, while growing its new luxe beauty platform, installed in 200 stores so far. Net sales in the second quarter rose 10%.
Growth over the last two years reflects new market dynamics and a growing connection between beauty and wellness, in addition to a return to sales following pandemic-related shutdowns, Ulta Beauty leaders said in a fourth-quarter sales and earnings presentation.
CVS is trialing Skin Care Centers in three strategic locations, building on its BeautyIRL concept launched in 2018. Featuring prestige brands and L’Oréal-trained beauty advisors, CVS Skin Care Centers follows Walmart’s launch of BEAUTYSPACE installations in March and moves from Kohl’s and Target mid-pandemic to wow shoppers with curated prestige beauty assortments.