For the full year 2021, cosmetics accounted for 43% of the retailer’s total sales, the largest segment share by far but a slight dip from fiscal year 2020.
Executives said the partnership has fueled membership of Ulta's loyalty program, Ultamate Rewards, which added 4 million members in 2021 for a total of 37 million.
"The combination of increasing brand awareness, the Target partnership, and new brand additions, such as Olaplex, N1 de Chanel and Fenty, are driving new customer acquisition," said Yih in a research note.to support beauty brands by and for people who identify as Black, indigenous and people of color. Fenty, founded by singer and entrepreneur Rihanna, is one of several Black-owned brands that the retailer has introduced to shelves in recent months.
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