Ulta vs. Sephora — who has the better model?

Sephora:

→ Prestige-focused

→ Mall-heavy locations

→ Owned by LVMH (luxury DNA)

Ulta:

→ Mass + prestige + professional

→ Strip mall locations (lower costs)

→ In-store salon drives 3x customer spending

Sephora has the brand cachet.

Ulta has the business model.