Ulta Beauty's Global Expansion and Brand Partnerships: Redefining the Investment Case?

Ulta Beauty has opened its first store in the Middle East and announced exclusive product launches, signaling its effort to broaden its footprint and capture new customer segments. The company's international expansion and new brand partnerships may shift its investment narrative and future growth drivers, but rising costs tied to overseas investments and growing wage pressures could impact profitability. Ulta's outlook anticipates $13.8 billion in revenue and $1.3 billion in earnings by 2028, with a fair value of $574.57 per share, an 8% upside to its current price.