Beauty for our next chapter of growth as the beauty destination for a lifetime,” Steelman said at the time of her appointment. In Ulta Beauty’s most recent fiscal report, she said she was “incredibly optimistic about the future of Ulta Beauty, as I believe we have the right elements to drive our success, a strong business model, an ambitious long-term plan, and passionate associates who bring our brand to life for our guests every day.” She added that Ulta Beauty’s fiscal 2025 will mark a “pivotal year” for the company as it makes “purposeful investments to fuel our future growth and move quickly to optimise our business.” At a recent Future50 event hosted by BeautyMatter, Steelman dived into details of her three-part plan for Ulta Beauty’s 2025 growth strategy, dubbed Ulta Unleashed. These include focusing and streamlining the brand’s core business segments, launching a new marketplace and executing an international expansion plan.  What does Ulta Beauty Unleashed look like? In a discussion with BeautyMatter’s co-founder and president John Cafarelli, Steelman outlined the three main points of Ulta Unleashed, including: Brand building “We have got to be the place where brands can build and continue to grow. That’s what keeps our guests coming in, day in and day out, and we’re totally leaning in on that… We have 44.6 million loyalty members in our platform, we’ve got to make sure that we’re elevating how we’re talking to that consumer and engaging her with Ulta Beauty.” This includes a combination of focusing more intensely on the company’s current best-selling brands, as well as being more selective about which brands are being onboarded. “We are being a lot more curated on helping the brands come into our company in a way that works for them. Because, quite frankly, you could essentially bankrupt a brand if you grow them too quickly, and that’s not what we want to do,” Steelman elaborated.  “As a leader, I’m a big believer that we don’t treat our brands as vendors, we treat them as partners. It’s not good if one wins and one loses, it’s got to be a win-win relationship for both parties. There’s nothing worse or more disruptive than bringing a brand in and then having to exit them really quickly. We want to bring brands in and grow them in the way that is best for that brand and to create long-term value for the brand founder.”  An innovative marketplace Following up on introducing newer brands to the retailer, Steelman noted, “We want to be a really good strategic partner with our brands, and that might mean a smaller store base to start, or it might be for online only. In the future, we’re going to have an online marketplace that could be potentially an option [for brands]. In the second half of 2025, Ulta Beauty is planning to launch a new digital marketplace that will allow the brand to expand its e-commerce presence. Currently, roughly 80 per cent of profits derive from in-store sales. This will allow the company to offer a broader range of beauty and wellness products to its customers.  The marketplace will be available to brands on an invitation-only basis so that Ulta Beauty can curate the selection. Customers will still be able to earn points on marketplace purchases and they will be able to return marketplace purchases to Ulta Beauty stores. International growth  “We’ve announced that we’re launching in Mexico with a joint venture with Grupo Axo and we are opening a franchise in the Middle East. I could not be more excited about that and more markets to come. There’s a place for us in the broader world and not just in the US,” Steelman enthused.  Building the ultimate Ulta Beauty dream team During the panel, Steelman added that another key point in upping Ulta Beauty’s potential for profits stems from streamlining the company’s operations, starting with the teams.  “When I started [working with Ulta Beauty], we were about $4 billion in revenue. Now we’re just under $12 billion in revenue, and what’s going to be the next chapter of growth for us is a different skill set than what we’ve had before. So it’s my job and responsibility to make sure that I’m putting the best team forward to keep this company a success.” Within her first 60 days on the job, Steelman has brought together Ulta Beauty’s digital and e-commerce teams under Monica Arnaudo, the company’s chief merchandising officer, and promoted Ulta executive Amiee Bayer-Thomas into the role of chief retail officer.  It’s clear from Steelman’s multi-pronged plan of action and her determination to revive the brand’s image and profits that Ulta Beauty is set for a busy year ahead.  “I’m a decisive leader, I’m strategic and I’m execution-focused. I’m fast, but [I lead] with intention, which is what we need in the world that we’re in right now. Internally, I often say that teams spinning is my least favourite move. If you spin and you don’t move forward and make a decision, you’re going to [fall] more and more behind,” she said. “I put that pressure on myself, that I am working hard every single day for our brand partners, our associates in our stores and our shareholders, to make sure that we’re making good decisions, not just for the short term, but for the long term.” How Steelman’s retail journey reflects the ‘American Dream’  In addition to talking about Ulta Beauty’s revitalisation strategy, Steelman reflected upon her 30-plus year journey within the retail industry.  From starting out as a store merchant for Target in the early 1990s to her role as vice president and general manager of Home Depot in the mid-2000s to her current role as Ulta Beauty’s CEO and president, Steelman has worked her way up every rung of the corporate ladder.  Steelman believes this experience will aid her in her current mission to bring in a new era for the American beauty retail giant.  “I think my career journey does set me apart from a lot of retail CEOs that are out there, because I truly appreciate the role that everyone plays in making our organisation successful. I have a lot of credibility within that conversation when I’m talking to the people working on the front lines [as a sales associate], or the people working at our distribution centres or the people in our merchandising organisation, because I’ve been in their shoes,” she said.  Being able to really connect with the various players of a retail team creates an environment in which everyone can feel comfortable being themselves, the longtime retail executive explained. Steelamn added, “I do believe I’m also living the American dream… I grew up in a very small town in Iowa, and if you had said to me back then, when I was a little girl, that I would be sitting here on the stage with you today as a CEO, I would have never believed it. But it’s a part of the American dream that if you work hard and you surround yourself with great people who never quit learning, you will be given opportunities and, you too, could be a CEO one day.”