ULTA vs BEKE Comparison

Ulta Beauty is the largest specialized beauty retailer in the US with about 1,500 freestanding stores. The firm offers cosmetics (39% of 2024 sales), fragrances (13%), skin care (23%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for about 4% of its revenue and drive traffic. Outside of the US, Ulta acquired premium beauty retailer Space NK and its 83 stores in the UK and Ireland in 2025, is opening franchised stores in Mexico, and has formed a joint venture to expand into the Middle East. In addition, Ulta collects royalties through its Target partnership (set to end in 2026) and credit card revenue. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2024, Beike's co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power.