Shares of Ulta Beauty climbed Tuesday, after a board member increased stake in the cosmetics company.
Ulta's stock price jumped +5.5%, on news of company board member Charles Heilbronn buying nearly a quarter million shares, thereby upping the stake in the company to 2 million shares (as reported by Bloomberg).
Heilbronn is also an executive vice president at Chanel Inc. In a series of transactions from Sept. 26-30, Heilbronn bought Ulta shares worth $87 million (243,849 shares) through Mousseluxe SARL, which oversees the fortune of Chanel owners Alain and Gerard Wertheimer. Chanel group is now the sixth largest owner of Ulta, with a 3.4% stake in the cosmetics company.