International expansion rationale

In January, Kecia Steelman became one of the most powerful executives in beauty. 

After more than a decade at Ulta Beauty in positions like COO and head of international, she stepped into the president and CEO role with an uphill battle ahead of her. 

That’s because sales at Ulta tumbled during the 2020 pandemic, and despite an uptick in 2021, year-over-year sales had been steadily falling for nearly three years. She took over as CEO in January, and by March, she unveiled her Ulta Beauty Unleashed comeback plan — and in just 11 months, her strategy has paid off. 

As part of her vision, Steelman expanded Ulta’s e-commerce and product assortment with a new online marketplace, led the acquisition of U.K. specialty beauty retailer SpaceNK, expanded internationally into Mexico and the Middle East, and shepherded a shop-in-shop breakup with Target, all while dramatically improving revenue.

Sales at Ulta Beauty have been on a continuous upward swing since Steelman took over as CEO in January. In May, the retailer reported 4.5% net sales growth. This doubled to a 9.3% net sales spike, reported in August, and the company nearly tripled that growth in last month’s earnings report. 

Host Lexy Lebsack sat down with Steelman to unpack her first year in charge and look ahead to 2026 (16:50). But today’s episode also celebrates Glossy 50, our annual award list honoring business leaders, changemakers and insiders behind the beauty, wellness and fashion industries. Steelman’s interview is a special Glossy50 preview with the full list publishing next week. 

But first, Lebsack is joined by co-host Emily Jensen to break down the news of the week. This includes the novel launch of a new "bedtime fragrance" from the U.K. sleep-solution company This Works. The brand is known for its pillow spray and body oil, which include ingredients such as lavender and magnesium, but this week it expanded into fine fragrance designed to be applied before bed to improve sleep.

Lebsack and Jensen also discuss the newest spokesperson for Estée Lauder-owned M.A.C. Cosmetics, pop star Chappell Roan, and the mixed response from her fans online. In addition, they analyze an unexpected collaboration between The Gap and beauty brand Summer Fridays, which includes clothing but not beauty. And finally, the duo discusses the latest moves in the supplement space, including Sephora’s rollback of the category from its selection, and a buzzy new launch from the co-founder and former CEO of Allbirds.