Founded in 1990, Ulta Beauty has grown into the largest beauty retailer in the United States, with a vast presence across 1,437 standalone stores, over 500 Ulta Beauty at Target locations, and a robust e-commerce platform. Positioned as the ultimate one-stop shop for beauty, Ulta offers an extensive selection of products, ranging from mass-market essentials to high-end luxury brands. Beyond retail, the company enhances its customer experience with value-added beauty services, including full-service hair salons and Benefit brow bars in nearly every store. This comprehensive approach has solidified Ulta’s status as a household name in the U.S. beauty industry over the past decade. In an industry marked by intense competition most notably from LVMH’s Sephora and rapidly evolving consumer preferences, Ulta has carved out a unique niche as a one-stop beauty shop. Berkshire Hathaway investment and pullback In the second quarter of 2024, Berkshire Hathaway acquired 690,196 shares of Ulta Beauty, an investment valued at approximately US$266 million....