We would like to thank everyone who took part in our recent poll about the next company we should analyze. Ulta Beauty got the plurality of the votes (38%).

We will provide you with a quick introduction of the company and its business model in this post, and follow up in the coming days with a review ULTA's competitive advantages, growth perspective, financial condition and performance, management team, ESG factors, and finally valuation.

ULTA is a leading beauty retailer in the US that offers a wide range of beauty products and services. The company was founded in 1990 by Richard George in Bolingbrook, Illinois, and has since grown to become one of the largest beauty retailers in the country.

ULTA stores offer a diverse range of beauty products including cosmetics, haircare, skincare, fragrance and bath. The company also offers a full-service salon in each store, where customers can receive haircuts, styling, coloring, and other beauty services.

ULTA operates over 1,300 stores across 50 states, and also offers online shopping through its website and mobile app. The company carries over 25,000 products from over 600 different beauty brands, including both well-known and emerging brands.

In addition to selling beauty products, ULTA also offers its customers a loyalty program called Ultamate Rewards. The c.39mn members of the program earn points for purchases made in-store and online, which can be redeemed for discounts on future purchases.

One key aspect of ULTA's business model is its emphasis on offering a wide range of products from both established and emerging beauty brands, called the "One-of-a-kind Assortment". This allows the company to appeal to a broad customer base with diverse beauty preferences, and also creates opportunities for the company to showcase new and innovative products.

Another important aspect of the business model is its commitment to providing a high level of customer service and engagement. Services are a major differentiator and this is evident in the company's in-store salons, where customers can receive personalized beauty services from trained professionals, as well as its Ultamate Rewards loyalty program, which provides customers with personalized offers and rewards based on their purchase history.

ULTA's omni-channel offering is also a key component of its business model. In addition to stores, the company has invested heavily in its e-commerce platform, with features such as virtual try-ons and personalized recommendations based on a customer's purchase history.

We will discuss how ULTA's unique and differentiated model creates a competitive advantage later. If you are familiar with the company or would like us to cover specific points or answer specific questions you may have, please let us know in the comments.