Kelly Mahoney (Ulta Beauty) | Trust, Creativity, and the Superpowers of Beauty

**Jim Stengel** (0:00)
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What's the first brand you remember making an impact on you as a young girl?

**Kelly Mahoney** (0:45)
It's Fisher Price because I fell in love with the Chipmunks and they were releasing a little 45 for Christmas. I got that 45 plus the Fisher Price record player.
I mean, it was my favorite toy ever. But I remember the brand. I don't just remember the toy.

**Jim Stengel** (1:04)
Yeah. Deep impression.
Hi, I'm Jim Stengel. I've helped hundreds of major brands discover and activate their purpose. Because when a brand's purpose is clear, compelling, and authentic, profit naturally follows. Each week, I welcome the CMOs, the chief marketing officers of your favorite brands, to speak to how their job is so much more than marketing. These leaders share their inspiration and challenges, along with how they try to build a full, healthy, and happy life in and out of the office. It's that energy that reaches everyone they touch. We're glad you're here to feel that energy and to learn from these remarkable leaders. So here we go.
We are back from an incredible week at the Cannes Lions International Festival of Creativity, where one theme seemed to come up in almost every conversation. How brands create meaningful connections with consumers in a world being reshaped by AI, creators and sports culture. Few marketers are navigating this moment more thoughtfully than my guest today, Kelly Mahoney, Chief Marketing Officer of Ulta Beauty. With more than 1,400 stores, Ulta is the largest beauty retailer in the United States, with over $11 billion in annual revenue, and one of the most powerful loyalty ecosystems in retail. Ulta Beauty serves more than 47 million members, who account for roughly 95% of the company's sales. Kelly has spent more than 11 years at Ulta, recently stepping into the CMO role in early 2025
She did not come up through a traditional brand marketing path. Instead, she helped build one of retail's most sophisticated loyalty businesses before taking on the challenge of leading the entire brand. Prior to Ulta Beauty, she spent nearly eight years at BP, where she began her career in finance before moving into retail marketing. There she gained a foundation in analytics, customer strategy and business leadership that still influences her approach today. Currently, she's guiding Ulta into its next chapter by connecting the brand to culture-defining moments, investing in AI-powered personalization and commerce, and reminding us that even in an increasingly digital world, human connection remains the most powerful differentiator. We recorded this conversation from the sunny south of France, aboard a yacht overlooking the Mediterranean, just days before Ulta's ambitious Supergirl campaign made its global debut. And special thank you to our friends at Beanstalk and AppLovin for the views on the yacht. So here's my conversation with Kelly Mahoney, the Supergirl of this year's Cannes Lions Festival.
Welcome to The CMO Podcast, Kelly. Now, how many Cannes have you done?

**Kelly Mahoney** (3:34)
This is my fourth Cannes.

**Jim Stengel** (3:35)
Your fourth Cannes.
So you're a veteran. So what's your week like? I mean, is it massively scheduled?

**Kelly Mahoney** (3:41)
You know, we tried to balance it this year. We really tried to kind of balance learning as well as talking and exploring everything there is. I got to the play and I made sure the first thing I did was look at the work this year. I think that was a big game changer. I'm glad I did that. But we're busy. There's so much to talk about. There's so many people to see.

**Jim Stengel** (3:59)
Yeah.

**Kelly Mahoney** (4:00)
Yeah, it's been great.

**Jim Stengel** (4:01)
So has there been a person you've met or a presentation you've sat in or piece of work you saw that really struck you this year?

**Kelly Mahoney** (4:08)
Yeah. I mean, I was just saying, you have to not go to Pinterest. You have to go to Pinterest. You will be inspired. I think it's the most under-tipped platform. I really do.