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Ulta Beauty - The history
Richard E. George established the Ulta Salon, Cosmetics, and Fragrance; George who was the former President of Osco Drug, Inc. left work at Osco in 1989, beginning his attempt to create a business plan for what would later be Ulta. His business plan included a new concept for retail that offers higher-end and lower-end products. Members of Osco and other additions joined Terry Hanson and Richard George, who raised $11.5 million in venture capital, and launched Ulta officially in 1990. In September 1996, Hanson hired Charles "Rick" Weber, another Osco veteran, as Chief Financial Officer. In the later years, Terry Hanson became president of the company.
In December 1999, Lyn Kirby, previously of Sears Circle of Beauty, became Chief Executive Officer and President while Weber became Chief Operating Officer, Senior Executive Vice President, and Chief Financial Officer. They both ran the business together until Weber left in September 2006 when Tom Stemberg, founder of Staples, picked him to become Chairman and Chief Executive officer of Rec Room Furniture and Games, Inc.
As of Feb. 2017, the company had a net income of $269 million and had stock in over 20,000 products including fragrances, makeup, skin, nail, and hair products.
Conclusively, Ulta Beauty was designed for women to go into freestanding stores, such as found in strip malls that allow them to feel relaxed shopping in a makeup store, with no workers handing out samples. In 1994, Ulta had a makeover that eliminated products and items that were typical of drugstores, such as vitamins and toothbrushes. The store moved strictly to beauty products. In 1999 Ulta Beauty modified its name from Ulta3, changing the brand almost wholly.
