{"slug":"ulta-beauty","name":"얼타 뷰티","name_en":"Ulta Beauty, Inc.","ticker":"ULTA","updated_at":"2026-09-24T10:37:59.729743+00:00","canonical":"https://valuechain.wiki/ulta-beauty","citable":"밸류체인 그래프 기준 얼타 뷰티의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, Ulta Beauty, Inc. is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 5 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-09-24).","kicker":"미국 뷰티 전문 유통사","kicker_en":"U.S. specialty beauty retailer","lead":"얼타 뷰티는 매장과 전자상거래, 제휴 매장에서 화장품과 스킨케어, 헤어케어 제품 및 살롱 서비스를 판매한다. 상품 구색을 위해 글로벌 브랜드와 신흥 브랜드에서 재고를 조달하며, 해외에서는 합작·프랜차이즈 로열티와 인수를 통해 유통망을 넓힌다.","lead_en":"Ulta Beauty sells cosmetics, skincare, haircare products, and salon services through stores, e-commerce, and partner locations. It sources inventory from global and emerging brands, while expanding internationally through joint-venture and franchise royalties and acquisitions.","categories":[{"key":"apparel-luxury-beauty","ko":"패션·럭셔리·뷰티","en":"Apparel, Luxury & Beauty","theme":"consumer-commerce","theme_ko":"소비 브랜드·유통","theme_en":"Consumer Brands & Commerce","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"화장품","note":"순매출의 38%"},{"name":"스킨케어·웰니스","note":"순매출의 24%"},{"name":"헤어케어","note":"순매출의 19%"},{"name":"향수","note":"순매출의 13%"},{"name":"서비스","note":"순매출의 4%"},{"name":"기타","note":"순매출의 2%"}],"total":"FY2026 총매출 123억9282만달러","track":"C"},"segments_en":{"parts":[{"name":"Cosmetics","note":"38% of net sales"},{"name":"Skincare and wellness","note":"24% of net sales"},{"name":"Haircare","note":"19% of net sales"},{"name":"Fragrance","note":"13% of net sales"},{"name":"Services","note":"4% of net sales"},{"name":"Other","note":"2% of net sales"}],"total":"FY2026 total revenue of $12.393 billion"},"returns_yearly":{"2021":43.6,"2022":13.8,"2023":4.5,"2024":-11.2,"2025":39.1,"2026":-6.8},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":2,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"target","name":"타깃","name_en":"Target Corporation","tier":1,"returns_yearly":{"2021":32.9,"2022":-34.2,"2023":-1.4,"2024":-2.3,"2025":-24.5,"2026":72.9}}],"benefiting":[{"slug":"est-e-lauder-companies","name":"에스티 로더","name_en":"The Estée Lauder Companies Inc.","tier":1,"returns_yearly":{"2021":40,"2022":-32.3,"2023":-40.1,"2024":-47.6,"2025":42.1,"2026":0.2}},{"slug":"international-flavors-fragrances","name":"인터내셔널 플레이버스 앤 프래그런스","name_en":"International Flavors & Fragrances","tier":2,"returns_yearly":{"2021":41.5,"2022":-28.3,"2023":-19.5,"2024":6.3,"2025":-18.4,"2026":27.5}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":2,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-9.9}},{"slug":"dupont","name":"듀폰","name_en":"DuPont","tier":3,"returns_yearly":{"2021":15.4,"2022":-13.4,"2023":14.4,"2024":1,"2025":28.7,"2026":10.5}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null}],"analysis":"미국 뷰티 전문 유통사 기업. 2026년 -6.8%다. 수요단(평균 +72.9%)이 본주(-6.8%)를 크게 앞선다. 고객 쪽 자금이 아직 이 층까지 다 내려오지 않았다는 뜻이라, 전파가 이어지면 따라잡을 여지가 있고 끊기면 격차가 굳는다. 연결 노드 중 가장 앞선 곳은 타깃(+72.9%), 가장 처진 곳은 에스티 로더(+0.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Ulta Beauty, Inc. operates across U.S. specialty beauty retailer. It is -6.8% in 2026. The demand side (avg +72.9%) is well ahead of the stock (-6.8%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is Target Corporation (+72.9%) and the furthest behind is The Estée Lauder Companies Inc. (+0.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It sources inventory from global and emerging brands, while expanding internationally through joint-venture and franchise royalties and acquisitions.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Space NK","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-26","basis":"Space NK 인수의 순취득자산","value":399152000,"period":"2025-07-10","basis_en":"Net assets acquired in the Space NK acquisition","qualifier":null},"note":"얼타 뷰티는 2025년 7월 영국·아일랜드의 뷰티 소매업체 Space NK 지분 100%를 인수했다. 10-K의 최종 배분표에 기재된 순취득자산은 3억9915만2000달러다.","note_en":"Ulta Beauty acquired 100% of U.K. and Ireland beauty retailer Space NK in July 2025. The finalized purchase-price allocation in the 10-K reports net assets acquired of $399.152 million.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-26","url":"https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm","title":"Ulta Beauty, Inc. 10-K (2026-03-26)","title_en":"Ulta Beauty, Inc. 10-K (2026-03-26)","excerpt":"Space NK 지분 100%를 인수했다.","excerpt_en":"acquired 100% ownership in Space NK Limited"}]},{"direction":"revenue","counterparty":"타깃","counterparty_slug":"target","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-26","basis":"타깃 제휴에서 발생한 얼타 뷰티 매출","value":null,"period":"FY2025","basis_en":"Ulta Beauty revenue generated through the Target partnership","qualifier":"confirmed_no_disclosed_value"},"note":"타깃 매장과 target.com의 숍인숍은 얼타 뷰티의 이름 있는 외부 판매 채널이었다. 양사는 현 계약이 끝나는 2026년 8월 이후 제휴를 갱신하지 않기로 했다.","note_en":"The shop-in-shop network in Target stores and on target.com was a named external sales channel for Ulta Beauty. The companies agreed not to renew the partnership after the current agreement ends in August 2026.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-26","url":"https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm","title":"Ulta Beauty, Inc. 10-K (2026-03-26)","title_en":"Ulta Beauty, Inc. 10-K (2026-03-26)","excerpt":"타깃 600곳 이상과 target.com에서 운영됐다.","excerpt_en":"available in over 600 Target locations"},{"stance":"confirms","publisher":"맥킨지앤드컴퍼니","publisher_en":"McKinsey & Company","kind":"analysis","lang":"en","published_at":"2023-07-06","url":"https://www.mckinsey.com/industries/retail/our-insights/meeting-beauty-consumers-where-they-are-and-where-theyre-going","title":"뷰티 소비자가 있는 곳과 향하는 곳에서 만나기","title_en":"Meeting beauty consumers where they are and where they are going","excerpt":"타깃은 얼타 고객에게 추가 구매 기회이자 옴니채널 접점이었다.","excerpt_en":"Target represents an incremental shopping occasion for our consumers"}]},{"direction":"revenue","counterparty":"Grupo Axo","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-26","basis":"Grupo Axo 합작·라이선스에서 발생한 얼타 뷰티 로열티","value":null,"period":"FY2025","basis_en":"Ulta Beauty royalties generated by the Grupo Axo joint venture and license","qualifier":"confirmed_no_disclosed_value"},"note":"Grupo Axo와의 멕시코 합작법인은 얼타 뷰티 상호와 운영 모델을 라이선스해 현지 매장을 운영한다. 얼타 뷰티는 이 해외 운영에서 로열티를 받지만 상대별 금액은 공개하지 않았다.","note_en":"The Mexican joint venture with Grupo Axo licenses the Ulta Beauty name and operating model to run local stores. Ulta Beauty earns royalties from its international operations, but it did not disclose the counterparty-specific amount.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-26","url":"https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm","title":"Ulta Beauty, Inc. 10-K (2026-03-26)","title_en":"Ulta Beauty, Inc. 10-K (2026-03-26)","excerpt":"Grupo Axo와 멕시코 합작 파트너십을 맺었다.","excerpt_en":"joint venture partnership with Grupo Axo"}]},{"direction":"cost","counterparty":"로레알","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-26","basis":"얼타 뷰티의 로레알 상품 매입","value":null,"period":"FY2025","basis_en":"Ulta Beauty merchandise purchases from L’Oréal","qualifier":"confirmed_no_disclosed_value"},"note":"로레알은 얼타 뷰티가 10-K에서 예시로 든 상위 10대 브랜드 파트너 중 하나다. 개별 매입액과 매출 기여도는 공개되지 않았다.","note_en":"L’Oréal is one of the ten largest brand partners identified by Ulta Beauty in its 10-K. The filing does not disclose individual purchases or sales contribution.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-26","url":"https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm","title":"Ulta Beauty, Inc. 10-K (2026-03-26)","title_en":"Ulta Beauty, Inc. 10-K (2026-03-26)","excerpt":"공시는 로레알을 상위 브랜드 파트너의 예로 명시했다.","excerpt_en":"L’Oréal"}]},{"direction":"cost","counterparty":"에스티 로더","counterparty_slug":"est-e-lauder-companies","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-26","basis":"얼타 뷰티의 에스티 로더 상품 매입","value":null,"period":"FY2025","basis_en":"Ulta Beauty merchandise purchases from The Estée Lauder Companies","qualifier":"confirmed_no_disclosed_value"},"note":"에스티 로더는 얼타 뷰티가 10-K에서 예시로 든 상위 10대 브랜드 파트너 중 하나다. 개별 매입액과 매출 기여도는 공개되지 않았다.","note_en":"The Estée Lauder Companies is one of the ten largest brand partners identified by Ulta Beauty in its 10-K. The filing does not disclose individual purchases or sales contribution.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-26","url":"https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm","title":"Ulta Beauty, Inc. 10-K (2026-03-26)","title_en":"Ulta Beauty, Inc. 10-K (2026-03-26)","excerpt":"공시는 에스티 로더를 상위 브랜드 파트너의 예로 명시했다.","excerpt_en":"Estée Lauder Companies"}]},{"direction":"cost","counterparty":"아이패밀리에스씨","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-08-08","basis":"얼타 뷰티의 롬앤 상품 매입","value":null,"period":"2025","basis_en":"Ulta Beauty merchandise purchases of rom&nd products","qualifier":"confirmed_no_disclosed_value"},"note":"아이패밀리에스씨의 롬앤 제품은 2025년 8월 얼타 뷰티의 온·오프라인 채널에 입점했다. 메리츠증권은 앞선 6월 대미 화장품 수출 증가에 롬앤의 얼타 뷰티 초도 물량이 포함됐다고 분석했다.","note_en":"iFamilySC's rom&nd products entered Ulta Beauty's online and offline channels in August 2025. Meritz Securities had identified initial rom&nd shipments to Ulta Beauty as part of the June increase in Korean cosmetics exports to the U.S.","sources":[{"stance":"confirms","publisher":"매일경제","publisher_en":"Maeil Business Newspaper","kind":"news","lang":"ko","published_at":"2025-08-08","url":"https://m.mk.co.kr/amp/11388610","title":"아이패밀리에스씨, 색조 화장품 브랜드 ‘롬앤’ 미국 울타 뷰티 입점","title_en":"iFamilySC's color cosmetics brand rom&nd enters Ulta Beauty in the U.S.","excerpt":"롬앤은 4일부터 울타뷰티 오프라인 매장과 온라인몰에서 판매되고 있다.","excerpt_en":"rom&nd began selling through Ulta Beauty stores and its online shop on August 4."},{"stance":"confirms","publisher":"메리츠증권 리서치센터","publisher_en":"Meritz Securities Research Center","kind":"research","lang":"ko","published_at":"2025-07-01","url":"https://home.imeritz.com/include/resource/research/WorkFlow/20250701180805929K_02.pdf","title":"6월 화장품 수출 실적 단상: 호실적 뒤의 불안","title_en":"June cosmetics exports: concerns behind strong results","excerpt":"미국 수출 증가에는 롬앤 등의 얼타뷰티 초도 물량이 포함됐다.","excerpt_en":"Initial Ulta Beauty shipments from rom&nd and other brands contributed to higher U.S. exports."}]}]}