Here is a radical strategy: Ulta Beauty is doubling down on joy as a brand differentiator while leveraging data-driven personalization and social commerce to fuel its next phase of growth, according to Chief Marketing Officer Michelle Crossan-Matos. This retail radical has a very specific agenda and plans to grow Ulta Beauty into the ultimate beauty experience provider.
“Being a retail radical is about having the courage to think differently, take bold risks, and embrace change with purpose. I’m passionate about empowering others—especially women leaders—to uncover their superpowers and lead with authenticity,” says Michelle Crossan-Matos.
She joins the 2024 roster of Crave Retail Radicals including Fran Horowitz, CEO of Abercrombie & Fitch, John Venhuizen, CEO of Ace Hardware; Sumit Singh, CEO of Chewy; and Denise Incandela, EVP, Fashion Division, Walmart U.S. Each of these five retail radicals has the foresight, innovation, and unconventional thinking in driving their brands and the industry at large forward to exceed customers’ expectations. They drive major transformations within their respective retail brands as game-changing legacy retailers and DTC marketplace disrupters.
The beauty retailer is positioning itself as an inclusive destination that serves beauty enthusiasts across all demographics. “We are champions for all — every age and every life stage, from budding beauty lovers to seasoned pros,” said Crossan-Matos at the Ulta Beauty investor day in October. The company has grown its market share to 19.9 percent of the beauty store segment, outpacing its next major competitor Sephora which is currently at 6.6 percent.
The Joy Project
The CMO, who transitioned from Samsung Electronics over to Ulta Beauty in January 2023 has spearheaded one of the most comprehensive programs at the company called The Joy Project. This hugely successful initiative, partnering with motivational speaker and author Mel Robbins, is aimed at helping consumers find and embrace joy. “Last year, we launched the Joy Project, a movement to make the beauty world—and beyond—a more joyful place. Inspired by our 55,000 associates, who see how negative self-talk affects guests, we surveyed 5,000 adults and teens to uncover how they experience joy and what holds them back. Notably, 91 percent identified the ‘inner critic’ as their biggest obstacle,” explains Michelle Crossan-Matos.
Michelle Crossan-Matos adds that by building up The Joy Program, “The company evolved its Joy Platform with the Generation Joy report, which revealed that beauty and wellness drive happiness and joy, especially among Gen Z and Gen Alpha. For younger generations, skincare is self-care, and beauty represents wellness, self-expression, and joy.”
“We also expanded the Joy Project with three initiatives: The Joy Council, The Joy Hub, and our podcast, The Joy Of…. which I co-host,” says Michelle Crossan-Matos. These initiatives explore the connection between beauty, wellness, and joy while fostering mental and emotional well-being. “The Joy Council, led by Dr. Deepak Chopra, Olympic champion Laurie Hernandez, and others, empowers people to enhance their mindsets and relationships while deepening our commitment to connecting beauty, wellness, and joy,” says Crossan-Matos, adding that she is incredibly proud of the work they are doing to uplift and empower communities.
Leading with Innovation
Crossan-Matos helps create a culture of innovation and support for initiatives like The Joy Project by leaning on her past leadership roles and transforming ideas into action. “My background—spanning leadership roles at P&G and Samsung—has equipped me with transferable skills and a broad perspective that fuel relentless innovation. These experiences enable me to think both strategically and creatively,” she says.
“At Ulta Beauty, fostering innovation begins with curiosity and continuous learning. Early in my career, I embraced the advice to lead with curiosity—a mindset that has helped me thrive in dynamic industries like beauty and tech, where agility and transformation are essential,” explains Michelle Crossan-Matos.
Matthew Cyr, CEO and Co-Founder of Crave Retail says, “Reflecting on the incredible work of Michelle Crossan-Matos reminds us of what modern retail leadership can achieve. At a time when so many struggle with mental wellbeing, she’s transformed beauty into a vehicle for genuine human connection. Through initiatives like The Joy Project, she’s showing how businesses can thrive while nurturing their community’s emotional health. It’s inspiring to see a leader who understands that success isn’t just measured in sales, but in how we lift people up.”
Ulta Beauty Rewards
The retailer’s loyalty program, currently at 44 million active members, has a target of 50 million members by 2028. “We will continue leaning into the power of our loyalty member growth model, fueling growth by acquiring new members, reactivating lapsed members, retaining existing members, and maximizing lifetime value,” Crossan-Matos states. Technology and personalization remain key focus areas. “Our North Star is a future that is a fully automated, real-time personalization engine, and we are well on our way to achieving this North Star,” says Crossan-Matos.
UB Media
Ulta Beauty’s launch of UB Media in May 2022 marked a strategic evolution in the company’s digital ecosystem, connecting beauty enthusiasts directly with brand partners through a sophisticated retail media network. As Michelle Crossan-Matos explains, “UB Media is, quite simply, a powerhouse of data. Using our member-powered data, we design, deploy, and optimize campaigns and owned and external channels.”
The platform harnesses valuable insights from Ulta’s robust loyalty program to craft and optimize targeted campaigns across channels. “Retail demands unique capabilities, particularly in guest data analytics, and the ability to swiftly adapt to ever-changing shopper behaviors while maintaining a long-term vision. As CMO, my priorities are building brand love and loyalty while enhancing our ecommerce platform and guest experience,” she says.
Since its inception, UB Media has demonstrated remarkable growth, collaborating with over 300 brands and achieving impressive metrics, including a 15 percent increase in campaign volume and a 35 percent surge in brand investments from 2022 to 2023. This performance not only validates UB Media’s effectiveness in driving traffic and profitability but also positions it as a vital bridge between Ulta’s vast customer base and its brand partners, reinforcing the company’s role as a pivotal player in the beauty retail landscape.
A Community Hub
Ulta Beauty has positioned itself as more than a retailer — it’s a community hub where beauty enthusiasts of all backgrounds find belonging and connection. The company’s approach to diversity and inclusion extends beyond traditional demographics, creating what Michelle Crossan-Matos describes as “a playground for discovery” that welcomes everyone from beauty novices to experts. The strategy appears to be paying dividends.
Since 2019, Ulta Beauty has seen increased brand awareness and loyalty across all consumer segments, cementing its position as America’s leading specialty beauty retailer. “We have the power to shape how the world sees beauty and the responsibility to build an industry that reflects the beautifully diverse communities we serve. We’ve reimagined our approach to community and accelerated our social relevance by expanding creator networks,” says Michelle Crossan-Matos.
Impactful programs like the Ulta Beauty Collective and Associate Brand Ambassadors who are called Ulta Beauties, are how Crossan-Matos views partnerships as a powerful way to forge stronger connections with the communities. “Additionally, we launched Ulta Beauty Community, an inclusive digital platform where members can share personal stories, routines, and self-care tips while accessing expert insights and exclusive content,” she adds. The company’s success in fostering emotional connections is evident in its intergenerational approach to beauty. By creating spaces where different generations can share beauty wisdom and experiences, Ulta Beauty has cultivated a loyal community.
Transforming Beauty Experiences
Ulta Beauty’s strategic roadmap emphasizes inclusive beauty, emotional connection, and technological advancement. “We are shaping beauty to be a force for good for all,” Michelle Crossan-Matos explained at Investor Day, underlining the company’s commitment to transformative beauty experiences. The emphasis on the shopping journey and employee wellness along with a new store format that was rolled out in 2022 has paid off in terms of revenue, profits, and market share. Capturing nearly 20 percent of the beauty store market, the company’s 2023 results showed a 5.7 percent comparable sales growth with a net profit percentage of 11.5 percent. Return on assets for 2023 was 22.6 percent.
Michelle Crossan-Matos Makes Her Mark
“Being a retail radical is about having the courage to think differently, take bold risks, and embrace change with purpose. I’m passionate about empowering others—especially women leaders—to uncover their superpowers and lead with authenticity,” explains Michelle Crossan-Matos. Ulta Beauty’s executive leadership team is 70 percent female at a company where 91 percent of associates are women, and more than half identify as a person of color.
“I’ve seen firsthand the power of representation. While I have the privilege of knowing I’m often one of many who look like me in any meeting, I recognize that’s not the case for everyone — and we need to change that,” says Michelle Crossan-Matos. “One quote I live by is from Brené Brown: ‘Courage starts with showing up and letting ourselves be seen.’ It reminds me that being radical isn’t about perfection—it’s about showing up as your true self, even in the face of uncertainty,” she adds.
Ulta Beauty’s transformation under Crossan-Matos’s marketing leadership demonstrates how combining emotional connection with technological innovation can drive significant business results. As Ulta Beauty progresses toward its 2026 financial targets of 4-6 percent net sales growth and 12 percent operating margins, its comprehensive strategy – from The Joy Project and UB Media to its enhanced loyalty program – positions the company to continue its trajectory as a dominant force in beauty retail.
The success of these initiatives validates Michelle Crossan-Matos’s vision of “shaping beauty to be a force for good for all” while delivering the financial results that strengthen Ulta Beauty’s market leadership position. “Beauty is a resilient and thriving category, and Ulta Beauty’s differentiated business model continues to showcase the strength of the unique experiences only we can offer. We’ve always been a destination for all generations, celebrating and serving beauty enthusiasts at every age and stage of their beauty journey,” says Crossan-Matos. Her advice for future growth within the beauty sector? She cites two areas to watch: personalization and the growing intersection of beauty and wellness.
