“It’s been a crazy 24 hours, that’s for sure, but really exciting at the same time,” said Kecia Steelman, when she took the reins as chief executive officer of Ulta Beauty on the first Monday in January in an appointment whose timing took the industry by surprise. Steelman made it clear, though, that she has been preparing for this role for her entire career — and she wasted no time in laying out a bold vision for the Bolingbrook, Ill.-based retailer. “Competition isn’t getting any easier. Every single day, more and more people are coming into beauty because it’s an attractive category,” she said. “We’re in it to win it.” Steelman moved fast, unveiling her Beauty Unleashed strategy that included doubling down on wellness, tapping industry veteran Lauren Brindley as chief merchandising officer, launching the Ulta Beauty Marketplace, overseeing Ulta’s expansion in Mexico and the Middle East and, in a mic-drop moment, snapping up British beauty retailer SpaceNK. Wall Street seems to approve. Ulta’s stock has risen from $450.01 on Jan. 6 to $509 as of press time. Rather than being overwhelmed by an ultra- competitive beauty retail landscape with Sephora, Amazon, TikTok Shop and more all vying for customers, Steelman views the current environment as a tool to breed innovation. “For those of us that are in this competitive environment together, it just helps us all get better, which means ultimately the consumer wins,” said Steelman. “Those that are continuing to reinvent themselves and grow and learn will be successful. I like competition. It makes you get even better and look at how you’re going to do your business differently in the future. A dose of competition is good for all of us.”
