Ulta operates 1,325 stores in the U.S. and is expanding a partnership with Target that has so far resulted in 186 shops inside Target stores as of last quarter. It has plans to increase that to 800. The company did $8.6 billion in net sales last year, up 40% from the year prior.
Ulta Beauty grew its share of the beauty specialist retailer market last year, increasing to 24.8% from 23.8% in 2020, according to Euromonitor data. Top competitor Sephora also grew its share to 8.8% from 7.8% in 2020. Ulta and Sephora have both gained share on department stores and beauty salons, says Morningstar analyst David Swartz.
Experts have said that boycotts are typically more effective at galvanizing public opinion than hitting a company’s bottom line. Nevertheless, such movements can threaten a company’s reputation, and should not be shrugged off.
Some customers said on Twitter that they were insulted that Mulvaney and Lopez were discussing girlhood when neither had experienced it.
"I spend a LOT of money at Ulta. Guess I'll be going back to Sephora cause as a mother and woman, I find this dude insulting," user @womensrigthsbae tweeted.
Ulta retorted: "We want our channel to be welcoming to people from all walks of life—even people you may not agree with."