Hayley Koenigsberg ‘23 pitched Ulta Beauty (NYSE: ULTA) on February 27, 2023. Founded in 1990, Ulta is the largest U.S. beauty retailer and the premier destination for cosmetics, fragrance, skin care products, hair care products and beauty services. Their one-of-a-kind assortment is maintained with over 25,000 products from more than 600 well-established and emerging beauty brands. This selection includes prestige and mass cosmetics, fragrance, haircare, prestige and mass skincare, bath and body products, professional hair products, and salon styling tools. With over 1,300 stores in the United States, a full-service salon in every retail location, and efficient digital channels, Ulta prides itself on their commitment to inclusivity, guest experience, and innovative strategic platforms. Despite Ulta’s commitment to developing strong market leadership in the industry, poor revenue forecasts, minimal potential for upside, and the high price that would be attributed to purchasing shares resulted in Hayley not recommending a buy. With strong conviction in the company’s management team, product offerings, and overall mission statement, Ulta will continue to be monitored for potential upside opportunities within the portfolio. However, SMIF’s fiduciary duty to ensure strong returns could not justify a buy at this point in time given the economic volatility of the market.