It's my second largest position, and it was interesting to read. On inflation and consumers cutting back, there is a point there. However, it is interesting to look at the growth of the beauty industry over the last couple decades. If i remember correctly, growth was negative only one or two years since early 2000s. Beauty is as essential as bread for women. My wife is fairly moderate when it comes to these products, I believe, but no matter my efforts, there are always small bottles and containers in the counter. I am still confident in the overall thesis that made me invest in ULTA.
Thank you for sharing Joel, and I wish you lots of success with your position.
If I may ask, what do you think impacts the growth in the industry? Is it increase in the number of customers, inflation, or the average customer is buying more?
Very interesting Kostadin 🤔
It's my second largest position, and it was interesting to read. On inflation and consumers cutting back, there is a point there. However, it is interesting to look at the growth of the beauty industry over the last couple decades. If i remember correctly, growth was negative only one or two years since early 2000s. Beauty is as essential as bread for women. My wife is fairly moderate when it comes to these products, I believe, but no matter my efforts, there are always small bottles and containers in the counter. I am still confident in the overall thesis that made me invest in ULTA.
Thank you for sharing Joel, and I wish you lots of success with your position.
If I may ask, what do you think impacts the growth in the industry? Is it increase in the number of customers, inflation, or the average customer is buying more?