If you are looking for the quick answer: Ulta Beauty, Inc. is a publicly traded company. It is not owned by a single person or a private conglomerate like LVMH. Instead, it is owned by thousands of individual and institutional shareholders who trade its stock on the NASDAQ under the ticker symbol ULTA.
As of February 2026, the largest stakes in the company are held by massive investment firms, specifically The Vanguard Group, BlackRock, and State Street Corp, which collectively manage nearly 30% of the company’s shares. The daily operations and strategic direction are overseen by CEO Kecia Steelman, who took the helm in January 2025.
Is Ulta Beauty a Public or Private Company?
To understand who “owns” Ulta, you must first understand its status as a public entity. Unlike some of its competitors that may be family-owned or private subsidiaries, Ulta operates with high levels of transparency required by the U.S. Securities and Exchange Commission (SEC).
The NASDAQ Listing (Ticker: ULTA)
Ulta Beauty became a publicly traded company on October 25, 2007. Since its Initial Public Offering (IPO), the company has grown into a retail titan with a market capitalization of approximately $28.7 billion as of early 2026.
Being “public” means that anyone—from a professional Wall Street trader to a first-time investor—can buy a “piece” of the company. However, because Ulta is an S&P 500 component, its ownership is heavily concentrated among institutional giants that include the stock in various index funds and ETFs.
One Share, One Vote: The Governance Model
Ulta follows a standard corporate governance model where “ownership” is synonymous with “voting power.” There is no “founder’s stock” or special class of shares that gives one person absolute control. Instead:
- Shareholders elect a Board of Directors.
- The Board of Directors appoints the CEO and executive team.
- The CEO manages the day-to-day business of the 1,500+ store locations.
This structure ensures that the “owners” (the shareholders) have a say in major company decisions, though the actual influence is dictated by the size of the stake held.
Leadership in 2026: The “Steelman Era”
While shareholders provide the capital, the executive team provides the vision. In January 2025, Ulta entered a new chapter with a significant shift in leadership.
Meet the CEO: Kecia Steelman
Kecia Steelman was named President and Chief Executive Officer in early 2025, succeeding Dave Kimbell. A veteran of the retail industry with over 30 years of experience, Steelman previously served as Ulta’s Chief Operating Officer.
Her leadership is defined by a “people-forward” approach and a deep understanding of store operations, having previously held senior roles at Target, Home Depot, and Family Dollar.
The “Ulta Beauty Unleashed” Strategy
Under Steelman’s direction, the company launched the “Ulta Beauty Unleashed” strategy. This roadmap, which has driven the stock to record highs of over $680 in early 2026, focuses on three pillars:
- Luxury Domination: Expanding the prestige beauty assortment to rival high-end boutiques.
- Global Expansion: Moving beyond U.S. borders for the first time in the company’s history.
- Digital Innovation: Enhancing the omnichannel experience to blend physical “sanctuaries” with AI-driven digital shopping.
The Institutional Powerhouse: Who Are the Major Shareholders?
Because Ulta Beauty is a mature, high-performing member of the S&P 500, its ownership is dominated by institutional investors. As of early 2026, over 98% of Ulta’s shares are held by large financial organizations. These institutions manage the retirement funds, mutual funds, and ETFs that millions of everyday people use for their long-term savings.
The Big Three: Vanguard, BlackRock, and State Street
Three names consistently appear at the top of Ulta’s shareholder list. Together, these firms hold a “blocking stake” that grants them significant influence over corporate governance:
- The Vanguard Group, Inc.: Holding approximately 12.1% of the company (over 5.3 million shares), Vanguard is currently the largest single owner of Ulta Beauty.
- BlackRock, Inc.: Controlling roughly 9% of shares, BlackRock remains a critical institutional pillar.
- State Street Corp: With about 4.5% ownership, State Street rounds out the “Big Three” that stabilize the stock’s volatility.
Institutional vs. Retail Ownership
While institutional giants own the vast majority of the company, “retail” or individual investors (the general public) own less than 1% of the total stock. This high level of institutional backing is often seen by analysts as a vote of confidence in the management team led by Kecia Steelman.
The Visionaries: Who Founded Ulta?
To understand how Ulta reached a $29 billion valuation, one must look back to the disruptive vision of its founders in the early 1990s.
Richard E. George and Terry Hanson (1990)
Ulta was founded in 1990 by Richard “Dick” George and Terry Hanson. At the time, George was the President of Osco Drug, Inc. He saw a major gap in the market: women had to go to drugstores for “mass” brands (like Maybelline) and department stores for “prestige” brands (like Estée Lauder).
George’s radical idea was to put “All Things Beauty, All in One Place.” He left Osco, convinced Terry Hanson and other executives to join him, and raised $11.5 million in venture capital to launch the first five stores in the Chicago suburbs under the name Ulta3.
The Evolution of the Brand
By 1994, the founders realized that selling drugstore items like toothpaste distracted from their core mission. They rebranded to Ulta Beauty, removed general drugstore products, and focused exclusively on cosmetics, skincare, and salon services.
This “off-mall” strategy—choosing convenient locations with front-door parking—was a direct hit against mall-based competitors like Sephora, which would not enter the U.S. until years later.
Ulta’s Growing Empire: The July 2025 Space NK Acquisition
The most significant change to “who owns what” in Ulta’s world occurred on July 10, 2025. Under CEO Kecia Steelman, Ulta made its boldest move in 35 years by acquiring the British luxury retailer Space NK from Manzanita Capital.
- The Deal: Estimated to be worth over £300 million ($405 million USD), the acquisition was funded through Ulta’s cash reserves and credit.
- The Strategy: This gave Ulta immediate ownership of 83 premium boutiques across the UK and Ireland.
- Operational Control: While Ulta now owns the company, Space NK operates as a standalone subsidiary. It retains its own CEO, Andy Lightfoot, and its distinctive “luxury boutique” branding, while leveraging Ulta’s massive supply chain and digital infrastructure.
Ulta’s Growing Empire: International Expansion in 2026
For decades, Ulta was strictly a U.S. phenomenon. However, under the “Ulta Beauty Unleashed” strategy, the brand has shifted toward a global ownership model through a mix of direct acquisitions and strategic franchises.
The Mexico Joint Venture (Grupo Axo)
In August 2025, Ulta officially made its international brick-and-mortar debut in Mexico. This expansion is operated through a joint venture with Grupo Axo, a leading retail powerhouse in Latin America.
- Ownership Structure: While Ulta provides the brand and assortment, Grupo Axo manages the local operations and real estate.
- Presence: Starting with flagship stores in Mexico City (Antara Fashion Hall) and Metepec, the partnership is on track to open locations in Guadalajara and Monterrey throughout 2026.
The Middle East Franchise (Alshaya Group)
Ulta has also taken a “franchise-first” approach to the Middle East by partnering with the Alshaya Group.
- Current Footprint: Following a successful launch in Kuwait in late 2025, Ulta opened its first UAE store in the Mall of the Emirates (Dubai) on January 29, 2026.
- Upcoming 2026 Openings: Expansion continues with planned openings at the Dubai Mall (March 2026) and the Red Sea Mall in Jeddah, Saudi Arabia (May 2026).
Conclusion: The Future of Ulta Ownership
As we look toward the remainder of 2026, the ownership of Ulta Beauty is more global and diversified than ever. From its humble beginnings under Richard George and Terry Hanson to its current status as a $29 billion international empire owned by the world’s largest investment firms, Ulta has proven that its “all-in-one” beauty model is a winning formula.
With the Space NK acquisition fully integrated and the Target partnership winding down, Ulta is entering its next chapter as a truly independent, global luxury powerhouse.