How Sephora and Ulta are battling for customers in the $48.3 billion makeup industry

Two cosmetics retail giants, Sephora and Ulta Beauty, started very differently, but as the consumer demand for makeup increases, the strategies of these two retailers are converging.

Sephora began with a focus on luxury cosmetics in urban areas, while Ulta specialized in mass market products in suburban areas.

Now, each are growing, trying to capture a bigger share of the global color cosmetics market, estimated to be worth $48.3 billion by the end of this year.

Watch this video about the evolution of the cosmetics industry to find out how.

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