Kecia Steelman on strategic partnership
From Ulta Beauty CEO Kecia Steelman: From Hourly Employee to Leading 1,500 Stores · · How Leaders Lead with David Novak
“But, you know, retail is cyclical and recalls retail's in cycles. And I think, you know, part of a good leader what they do is you try things, you see them out, and then when it's time to pivot, you make those pivots as you need to. And uh in August, we'll be ending that partnership with Target. But I'm really glad we did it. We learned a lot along the way. I feel Target did also. And I think we're both going to be better off in in the future with working on our new strategic plans independently.”
On , Kecia Steelman, President, Chief Executive Officer & Director at Ulta Beauty Inc, spoke about strategic partnership during Ulta Beauty CEO Kecia Steelman: From Hourly Employee to Leading 1,500 Stores on How Leaders Lead with David Novak.
About Kecia Steelman
Kecia Steelman, CEO of Ulta Beauty, discussed the company's international expansion and its decision to end its partnership with Target. Steelman stated that Ulta Beauty made an acquisition in the UK, expanded through a partnership in Mexico, and has a licensed partnership in the Middle East, describing a pivot from being only in the US to taking the brand more globally. She said the Target partnership, which will end in August, "played its way out" and that both companies would be better off pursuing independent strategic plans. Steelman also noted that Ulta Beauty has 46.7 million loyalty members, accounting for 95% of sales. In interviews, Steelman reflected on her personal background, including being a single mother living in government housing and earning $8 an hour at Target before becoming CEO. She described the company as "recession resistant" rather than recession proof, stating that people will still want to take care of themselves. Steelman cautioned against over-layering skincare products and emphasized the importance of being a good partner to brands, saying that growing a brand too quickly could "essentially bankrupt" it. She also encouraged employees with what she called the "it factor" to keep pushing for their best selves.