Ulta Beauty is the largest specialty beauty retailer in the U.S., selling cosmetics, skincare, haircare, fragrance, and wellness products across roughly 1,500 stores and online. Ulta's core differentiator is its breadth: it is the only major retailer carrying mass, prestige, and professional salon products under one roof, with ~30,000 products from ~600 brands. Each store includes a full-service salon, which no major beauty competitor replicates at scale. Ulta sells primarily through stores (~80% of sales), with the remainder through ulta.com and a mobile app. Ulta's loyalty program, Ulta Beauty Rewards, has over 46 million active members and accounts for ~95% of total sales, giving Ulta deep first-party data to personalize marketing. Beyond its core retail business, Ulta is building several smaller businesses: UB Media, a retail media network monetizing its loyalty audience; UB Marketplace, an online marketplace earning commissions from third-party brand sales; and a wellness category targeting nutrition, sleep, and personal care. Ulta also has international exposure through its July 2025 acquisition of Space NK, a U.K. luxury beauty retailer with 86 stores, plus asset-light joint ventures in Mexico and the Middle East. Ulta's business model centers on buying and reselling beauty products at a markup, with profitability driven by transaction volume, average ticket, and category mix. Ulta targets 1,800+ U.S. stores long-term and is opening a smaller store format for smaller markets, while returning capital to shareholders through buybacks.