Beauty retailer Ulta Beauty appoints talent to Sephora and Amazon on its board of directors

Ulta Beauty Expands Globally with Strategic Moves

Ulta Beauty, a leading U.S. beauty products distributor, is embarking on an ambitious expansion plan. The company has announced its intention to enter the Mexican market in the second half of 2025, in partnership with Grupo Axo. This move is part of a broader global strategy that also includes the acquisition of British chain Space NK and the planned entry into the British market.

To bolster its growth, Ulta Beauty has made significant changes to its board of directors. Martin Brok, a seasoned executive with a diverse background in the retail and beauty industries, has been appointed as a board member. Brok, who is the founder and CEO of MB Capital Advisors, brings extensive experience to the table. He has previously served as a partner at private equity firm Advent International, was president and CEO of Sephora for nearly two years, and has a presence on the boards of Revlon and Oatly, among others.

Stephenie Landry, another new addition to Ulta Beauty's board, brings her extensive experience from Amazon. Landry, who started as a senior manager and held various executive roles, including vice president of grocery and operations net zero, will undoubtedly contribute valuable insights to Ulta Beauty's strategic decisions.

However, the company has also made some notable changes to its existing partnerships. Ulta Beauty has decided not to renew its alliance with Target, which allowed the company to operate in over 600 Target stores. The agreement will end in 2026.

Space NK, a British retailer specializing in niche and luxury brands, has been acquired by Ulta Beauty as part of its global expansion. With 83 stores in the UK and Ireland, Space NK closed 2024 with revenue of £196.5 million. This acquisition is expected to strengthen Ulta Beauty's position in the luxury beauty market.

Ulta Beauty's global expansion is not without challenges. The company has temporarily paused new location openings, as warned in April. Despite this pause, the company remains committed to its growth strategy and is looking forward to its entry into new markets.

Grupo Axo, a Mexican retail conglomerate operating brands such as Victoria's Secret, Guess, and Bath & Body Works, will be a valuable partner in Ulta Beauty's Mexican foray. The partnership marks an exciting step for both companies as they venture into new territories.

As Ulta Beauty continues to expand, it is clear that the company is making strategic moves to position itself for success in the global beauty market. With its new partnerships, acquisitions, and board appointments, Ulta Beauty is well-equipped to tackle the challenges ahead.

Beauty retailer Ulta Beauty appoints talent to Sephora and Amazon on its board of directors