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    Ulta Beauty

Since Mary Dillon stepped into the corner office in 2013, Ulta’s stock has doubled—buoyed by sales and profits that have risen at a -competitor-taunting 20% annual clip. Though shares have fallen sharply since hitting an all-time high of $314 in June, dragged down by Wall Street doubts about whether Ulta can maintain its torrid growth, Dillon is moving ahead with Ulta’s next chapter. After landing a deal to sell higher-end products such as Estée Lauder’s MAC, Ulta recently opened its first Manhattan store. The message? Ulta has no intention of remaining solely a strip-mall retailer selling mid-tier products. Dillon is now taking the fight even more directly to the department stores, whose business Ulta has been poaching for years. —Phil Wahba