Sally Beauty Holdings operates two beauty supply businesses under one roof. The Sally Beauty segment (~57% of revenue) sells professional-grade hair color, hair care, nail, and styling products to DIY consumers through roughly 3,100 retail stores, its own website and app, and third-party marketplaces like Amazon, DoorDash, and Instacart. Sally argues it holds a unique position as the only national retailer selling professional-quality hair color — the kind used in salons — directly to consumers, supported by a "Licensed Colorist on Demand" service. The Beauty Systems Group (BSG) segment (~43% of revenue) is the largest North American distributor of professional beauty products, selling exclusively to licensed stylists through ~1,326 CosmoProf stores and a field sales force of roughly 591 reps. Hair color and care represent ~70% of total company sales across both segments. The two businesses have different margin profiles: Sally runs ~61% gross margins, boosted by owned brands (Ion, Bondbar, Salon Care) that make up ~35% of Sally sales; BSG runs ~40% gross margins as a wholesale distributor, with roughly 40% of BSG sales tied to exclusive or limited-distribution brands like Wella, Schwarzkopf, and Paul Mitchell. Key growth levers include expanding marketplace sales, refreshing Sally stores into a modern specialty retail format, scaling the LCOD consultation service, and an ongoing cost efficiency program targeting $120M in cumulative run-rate savings by end of FY26.