Ulta Was Founded by Two Men — Here’s Who Owns the Beauty Retailer Now

Since the 1990s, Ulta has been a hub for beauty lovers who don't want to break the bank... at least not too much. The retailer is home to some of the most renowned beauty lines such as MAC Cosmetics, Fenty Beauty, and Kylie Cosmetics, though it also has its own collection of products.

Ulta's branding and products have allowed the retailer to be one of the top beauty companies in the world. However, the store came from humble beginnings and has changed its ownership several times. So, who owns Ulta now? Here's what to know.

Ulta has seen many different owners in its over 30-year history. According to a blog post from Porter's Five Forces, the beauty retailer was founded by the late Richard E. 'Dick' George and Terry J. Hanson in 1990. The entrepreneurs developed the company after Dick stepped down as the President of Osco Drug, Inc., and he was Ulta's first CEO. Terry worked more on the backend in the finance/operations department. According to Sheen Magazine, soon after they left, they took several Osco employees along with them.

In 1990, Dick and Terry launched the first five Ulta Beauty stores, named Ulta3 at the time, in Chicago, IL. They worked closely together to build the brand until Dick stepped down in 1995, putting Terry in the CEO position. Over time, the company saw multiple owners and various investors. According to Bullfincher, the company is currently owned by Ulta's top three investors. Among these, the top three institutional investors (Vanguard Group Inc, Blackrock, Inc, and State Street Corp) hold about 25 percent of the company.

Ulta's shares are also owned by 71 percent of the company's institutional investors. Institutional investors are large financial organizations that invest money on behalf of their clients. Fund managers manage these funds and have significant influence over corporate decisions due to the size of their ownership. Examples of institutional investors include asset managers, mutual funds, pension funds, ETFs, hedge funds, endowments, insurance companies, etc.

In addition to changing its ownership over the last few decades, Ulta has experienced shifts in its leadership team. The company has had several CEOs come and go from the team, including Dick, Terry, Lyn Kirby, and, in January 2025, Dave Kimbell.

According to a press release from Ulta, Dave stepped away from the company after joining it in 2021. His successor was named as Kecia Steelman, who had previously served multiple executive roles within the company since 2014.

“Dave has been a supportive leader, mentor, and friend, and I am honored to become the next CEO of Ulta Beauty,” Steelman said of her taking on the CEO role. “Ulta Beauty is more than a beauty retailer – we are a destination that helps bring to life all the beautiful possibilities that lie within every guest and associate who walks through our doors."

She continued: "I am confident the strategic priorities we shared last fall will enable us to capture greater market share in beauty and wellness and deliver long-term profitable growth, and I am excited to lead our outstanding teams as we unlock even greater advantages of our operating model, drive best-in-class execution, and position Ulta Beauty for our next chapter of growth as the beauty destination for a lifetime.”

Since becoming CEO of the company, Kecia has led the company to expanding into more mainstream opportunities, including partnering with Beyonce to exclusively sell her hair company, Cecred, in its stores and launching the company's annual convention, Ulta Beauty World.