THE WHAT? Ulta Beauty has announced the launch of Prisma Ventures, a digital innovation fund set to invest US$20 million in emerging technology startups.
THE DETAILS The start-ups are said to seek to shape future online and in-store experiences by unlocking new technology that fuels greater discovery, personalization, and convenience.
According to a press release, the fund was established to accelerate innovation by nurturing long-term, strategic partnerships and fund pairs Ulta Beauty’s size and scale with the agility and singular focus of tech startups.
Ulta Beauty says, “Beyond capital investment, Prisma Ventures provides access to the retailer’s deep expertise and resources. To optimize and meaningfully deliver disruptive technologies, fund participants will have access to Ulta Beauty’s innovation team, unparalleled consumer insights, and in-market testing opportunities.”
Ulta will partner with start-ups that are primarily Series Seed and Series A technology companies within Personalized & Data Driven Technology, AR, VR & the Metaverse, Technology-Powered Custom Beauty Products and In-Store Services, and Social Commerce.
THE WHY? Prama Bhatt, Chief Digital Officer, Ulta Beauty, said, “Launching Prisma Ventures is yet another way Ulta Beauty innovatively leads and delivers forward-thinking retail experiences. We believe this fund presents opportunities for creative disruptors to further propel the industry forward.
“We set out to build lasting relationships with startups, welcoming them into our ecosystem, co-creating and experimenting in ways that tap each other’s expertise and ultimately leverage our resources to imagine – and reimagine – what’s next for retail and beauty.”
Aesthetic products generally refer to a broad category of items designed to enhance or improve one's appearance, often focusing on skincare, beauty, and personal grooming. These products are typically used to maintain or enhance physical attractiveness and may include a wide range of items intended for both professional and personal use. Here are some common types of aesthetic products:
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Skincare Products: Including cleansers, moisturizers, serums, and treatments designed to address various skin concerns such as acne, aging, hyperpigmentation, and sensitivity.
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Cosmetics: Makeup products such as foundations, concealers, eyeliners, lipsticks, and eyeshadows used to enhance facial features and achieve desired looks.
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Hair Care Products: Shampoos, conditioners, styling products, and treatments to maintain and improve the health and appearance of hair.
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Fragrances: Perfumes and colognes used to enhance personal scent and attractiveness.
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Dental Care Products: Toothpaste, mouthwash, whitening treatments, and dental floss aimed at maintaining oral hygiene and enhancing smile aesthetics.
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Personal Grooming Tools: Including razors, electric shavers, trimmers, and grooming kits used for hair removal and personal hygiene.
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Beauty Devices: Devices such as facial cleansing brushes, LED light therapy masks, and microcurrent devices designed for at-home skincare treatments.
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Nutritional Supplements: Supplements aimed at promoting skin health, hair growth, and overall well-being, often containing vitamins, minerals, and antioxidants.
