Ulta Beauty unveiled a plan for retail, digital shopping and new business models.
Black shoppers, Latine shoppers and Gen Z shoppers are especially important for Ulta’s future, executives highlighted during their presentations Tuesday.Ulta also released financial targets for 2022 through 2024. The retailer expects net sales growth between 5 percent to 7 percent, reaching $10 billion in annual sales by 2024. For 2021, the company is expecting to bring in $8.1 billion to $8.3 billion in sales.
The retailer will also experiment again with smaller format stores, which it had previously tested years ago. Executives said that since then, the beauty market has evolved, as has Ulta’s concept for the small-format stores. “Our vision is to create a 5,000-square-footstore that can serve as a beauty discovery destination in smaller markets with tailored assortments and services,” said Ulta’s chief operating officer Kecia Steelman.
“The guest journey is increasingly blurring across physical and digital channels,” Steelman said. “This journey often starts in one channel and finishes in another. It’s no longer linear or binary, rather it’s fluid and it sees the guests really shifting effortlessly between channels to meet their individual needs.”
Adeptmind’s technology will be combined with Ulta’s proprietary Quazi platform, developed after its 2018 acquisition of QM Scientific, to develop better search tools, Bhatt said. “The goal is to allow for search to become more, over time, of a two-way conversation where you get the responses you’re looking for and it guides your beauty discovery journey,” she said.
UB Media is meant to operate as a media platform that Ulta’s brand partners can use to place ads on Ulta’s site and app, as well as outside sources like Facebook and Instagram. “We will provide closed loop reporting and insights on their return on investment, which is not something most media solutions can provide,” Haus said.Monica Arnaudo, Ulta’s chief merchandising officer, said while Ulta is considered the largest specialty retailer across mass and prestige in the U.S.
“A desire for self expression and engaging platforms like TikTok have reignited the category engagement through generational belonging, new beauty influencers and new content forms, all with the ability to generate high viral activity,” Arnaudo said.
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