Ulta Beauty unleashes energy and momentum

Kecia Steelman’s first year as president and CEO of Ulta Beauty has been more than “really fun” and ever-changing; it’s also been a defining one for the company. Looking back, she’s excited about the way the team has “collectively come together” through the Ulta Beauty Unleashed strategy. 

“It’s not just a strategy,” she told the crowd at NRF 2026: Retail’s Big Show, joined onstage by Bobby Stephens, head of U.S. retail and consumer products at Deloitte Consulting LLP. “It’s more of a way of being, and you can really feel it through the entire organization.” That way of being includes three key areas: driving the U.S. core business forward; focusing on new and accretive businesses; and realigning the foundation for growth. 

Steelman shared the story of the “incredible ride” to her current role, starting with making $8 an hour at a Target store, and staying there for 12 years. Expo Design Centers, a former subsidiary of The Home Depot, came next, followed by Family Dollar. The broad range of sectors and experiences brought her to Ulta Beauty in 2014 as senior vice president of store operations. It also helped her gain appreciation for every single member of her team. 

“I’m a believer in, if you work really hard, you learn from everyone and you’re committed to growth, the sky’s the limit for you,” she said. 

That’s not just about her; that’s also about her company. The Ulta Beauty Unleashed strategy – simplified so everyone from the back room of the store to the boardroom understands it – is about providing a great store shopping experience, bringing the brand to where guests want it to be and staying focused on the fundamentals. The common mission and vision, she said, has brought a lot of excitement and energy, particularly in the stores. 

Another area of excitement is Ulta Beauty’s loyalty program, now 46 million members strong. Those are active loyalty members, she noted, having shopped within the previous 12 months. The program is all about personalization, including strategic use of data and AI to be predictive; the guest must remain front and center. 

In the meantime, expansion has happened in a variety of ways: through assortment (particularly in the add-on wellness category); cultural partnerships (such as Beyonce’s Cowboy Carter tour and festivals like Lollapalooza and Coachella); and international joint ventures, acquisitions and agreements (including those with Space NK in the UK, Grupo Axo in Mexico and Alshaya Group in the Middle East). Throughout, she said, it’s important to keep an eye on the core business. 

Kecia Steelman, president and CEO of Ulta Beauty, speaks at NRF 2026: Retail's Big Show.

As for the days to come, Steelman anticipates expanding on brand-building capabilities “and making sure that we are becoming known as the place to build a brand,” whether new or existing. There will also be more “in-store eventing,” as 80% of Ulta Beauty’s sales still come from the stores. And, of course, there will also be growth in use of agentic AI. 

“We’re going to be really leaning in,” she said, and she thanked Deloitte for its guidance and help in “cutting through the noise” along the way. 

“I can’t talk about fourth quarter, but through the first three quarters, we’ve had a really successful run, and we’ve kind of moved the trajectory for the company,” she said. “You can feel it.” 

Ulta Beauty has been in business for more than 30 years, she said, but with this momentum, “I feel like we’re just getting started.”