Ulta Beauty (ULTA) Partners With The Good Patch Wellness Brand
Ulta Beauty, Inc. ULTA is committed toward offering guests a curated and exclusive range of products. The company’s latest development is that it has teamed up with a wellness brand, “The Good Patch”. The Good Patch offers safe and pure products with plant-derived ingredients, thus complementing consumers’ everyday wellness routines. Via this partnership, consumers can avail the latter’s best-selling wellness patches on Ulta.com and at the company’s 450 storefronts nationwide.
The latest collaboration follows the launch of Relax patches on thegoodpatch.com in March, and signifies the rollout of these patches in brick-and-mortar stores. In fact, the beauty retailer will serve as The Good Patch’s retail launch partner and release the newest Relax patch to its stores. The Relax Patch is the plant-based sister patch with ingredients including ashwagandha, rhodiola, passionflower and ginger root, among others. Other wellness patches available on Ulta Beauty encompass B12 awake, Dream and Rescue.
Markedly, The Good Patch products include true ingredients that are paraben free, non-GMO and cruelty free, thereby offering purity as well as best quality. These patches work gradually over a period of 8-12 hours for a sustained release, thus being an effective and suitable addition to everyday wellness routines.
Ulta Beauty’s Strategies
Management remains focused on its key strategic priorities. The company’s foremost priority is to strengthen the omnichannel business, and explore the potential of both physical and digital facets. Ulta Beauty has made significant progress on this front, as is evident from its solid e-commerce initiatives. Also, the company is undertaking various tools to enhance the experience of guests, like offering a virtual try-on tool and in-store education as well as reimagining fixtures, among others.
Moreover, this Zacks Rank #3 (Hold) company concentrates on offering customers an exclusive range of beauty products through innovation. Toward this end, the launch of Conscious Beauty at Ulta Beauty in October 2020 (across all stores and online) has been yielding well. In addition, Ulta Beauty has been seeing market share gains in major beauty categories for a while now, with skincare standing out.
Furthermore, the company is focused on deepening customer engagement by boosting rewards and loyalty programs. Management is also committed to optimize its cost structure. In this context, the company is undertaking meaningful steps such as optimizing store portfolio, operating cost structure and store management structure as well as rightsizing the corporate structure.
All the aforesaid strengths have aided Ulta Beauty’s shares to rally 30.2% in the past six months versus the industry’s growth of 22%.
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