Ulta Beauty announced that its first store in the United Arab Emirates will open on January 29 2026 at the Mall of the Emirates in Dubai, in partnership with Alshaya Group. The new location will house a full‑service beauty concept that combines a wide range of makeup, skin‑care, hair‑care, fragrance and salon services under one roof, featuring Ulta’s private‑label collection alongside a curated mix of international and local brands.
The expansion follows a strong Q3 2025 earnings report in which Ulta beat expectations, reporting revenue of $2.86 billion versus the consensus estimate of $2.70 billion and earnings per share of $5.14 versus the $4.61 estimate. The company raised its full‑year fiscal 2025 guidance, signaling confidence in continued demand and operational leverage. The new UAE store is positioned as a key driver of the company’s international growth strategy, expected to contribute to the next‑phase revenue expansion after the successful Kuwait launch in November 2025.
Analysts responded positively to the earnings beat and the expansion announcement. TD Cowen, Oppenheimer and BofA Securities all raised their price targets for Ulta, citing the company’s strong financial performance and the strategic value of the Middle‑East market. The market reaction was driven by the combination of a solid earnings beat, a higher guidance outlook, and the perception that the UAE store will open a new revenue stream in a high‑spending consumer base.
The partnership with Alshaya Group—an established franchise operator in the region—provides Ulta with local market expertise, supply‑chain efficiencies and a proven retail footprint. Alshaya’s experience in beauty retail and its network of high‑traffic malls give Ulta a competitive advantage over local specialist retailers. The all‑in‑one format, which blends product assortment with salon services, is expected to differentiate Ulta in a market dominated by specialist beauty boutiques and luxury‑focused formats.
Kecia Steelman, President and CEO of Ulta Beauty, said, “The UAE launch marks an exciting milestone for Ulta Beauty and Alshaya Group as we continue our expansion in the Middle East and bring our distinctive beauty experience to the region. We are proud of the teams who brought this vision to life and look forward to welcoming guests in Dubai to discover a destination where beauty, self‑expression and possibility come together.”
Ulta plans to open additional stores in Dubai’s Dubai Mall and Jeddah’s Red Sea Mall later in 2026, followed by a launch in Saudi Arabia in the first half of 2026, underscoring the company’s commitment to a phased, strategic rollout across the Middle East.
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