The beauty brand has announced that it will be suspending its launch into the Canadian market.
American beauty brand Ulta Beauty is well established in the American market, providing a collection of skincare brands, cosmetics, men’s and women’s fragrances, nail products, bath and body products, beauty tools and haircare products.
The brand had been looking to expand into the Canadian market, having made some investments and leases on a small number of stores. As a result of them postponing this entrance into the market, the company expects to incur a loss of between $55M to $66M. The retailer commented:
“Ulta Beauty continues to believe international markets provide a long-term growth opportunity for the company. However, given the current operating environment, the company has decided at this time to prioritise growth of its US operations and is suspending its planned expansion to Canada.”
