Scott Settersten on digital transformation
From CFOs In Motion "More than Skin Deep" with Scott Settersten, Ulta Beauty · · CFOIntelligence
“We invested in websites, digital apps, more distribution center and supply chain capabilities — and when the pandemic forced store closures we were able to quickly pivot to being a 100 percent online or digital-only business which helped mitigate a lot of the pressure we were feeling.”
On , Scott Settersten, Chief Financial Officer, Treasurer & Assistant Secretary at Ulta Beauty Inc, spoke about digital transformation during CFOs In Motion "More than Skin Deep" with Scott Settersten, Ulta Beauty on CFOIntelligence.
About Scott Settersten
Scott Settersten, Chief Financial Officer of Ulta Beauty, discussed the company's growth strategy and competitive landscape in an August 2022 interview on CFOs in Motion. He noted that Ulta's Ultamate Rewards program has over 37.5 million active members, driving more than 95 percent of total sales. Settersten described the company's partnership with Target as an opportunity to build brand awareness among Target's shoppers, stating that the concept is not an effort to replicate a full Ulta store inside Target but rather a way to engage shoppers and connect them with the Ulta loyalty program. He also addressed concerns about competition from large digital retailers such as Amazon and Walmart, saying the beauty category has always been highly competitive. Settersten highlighted Ulta's investments in digital capabilities and supply chain infrastructure, which he said allowed the company to pivot to an online-only model during pandemic-related store closures. He emphasized that both brick-and-mortar and digital channels remain critical to the business. Regarding macroeconomic pressures, Settersten stated that variables such as inflation, supply chain issues, and geopolitical tensions could affect consumer shopping patterns, and that the company was running scenario analysis and taking a prudent approach to expectations. He described his role as that of a general manager first, focusing on strategy and ideation, before applying a finance perspective to sales, margin, and capital allocation decisions.