News

Ulta adds finance expertise to board

BY CSA STAFF

Leading cosmetics retailer Ulta Beauty named veteran financial industry executive Michelle Collins to its board.

Ulta, operator of 715 stores, said Collins joined its board effective October 13 and would serve on its nominating and corporate governance and audit committees. She currently serves as president of Cambium LLC, a business and financial advisory firm, a role she has held since 2007. Previously, she was managing director and co-founder of Svoboda Capital Partners LLC, a private equity firm, from 1998 to 2007. She began her career in 1986 at William Blair & Company, an investment banking firm, where she held the position of principal, corporate finance from 1992 to 1997, focusing on specialty retail, catalog and distribution businesses in corporate finance.

“We are delighted to welcome Michelle to Ulta Beauty’s Board of Directors. Michelle brings extensive experience in corporate finance and deep corporate governance expertise, having served as a member of the board of directors for many public and private companies. I am confident she will make tremendous contributions to Ulta,” said Mary Dillon, Ulta Beauty’s CEO.

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News

Maurices adds stores for holiday cheer

BY CSA STAFF

The Maurices division of Ascena Retail Group is rolling toward a footprint of more than 1,000 locations with a new round of stores opening in advance of the holidays.

Maurices plans to open sixteen locations before November 10 giving the Ascena subsidiary a total of 938 locations. The company contends the U.S. and Canada can support more than 1,300 locations.

"We're excited to open these stores in time for busy holiday shoppers," said George Goldfarb, president of Maurices. “This season is all about making sure the customer gets what she wants, how she wants it. We're investing in omnichannel marketing with mobile, social commerce and e-commerce initiatives and with the rollout of maurices inMOTION to all stores, we are her one-stop shop for fulfilling her wishlist."

Maurices inMOTION is the name of the retailer’s recently launched activewear line. The company positions itself in the marketplace as offering real girls real style that fits their real lives.

In addition to Maurices, Ascena Retail Group operates stores under the banners of Justice, Lane Bryant, Dressbarn and Catherines.

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FINANCE

Survey: Two in three Americans limit spending

BY Dan Berthiaume

New York— Two-thirds of Americans are limiting how much they spend each month. According to a new Bankrate.com report, of those limiting their monthly spending, 32% cite stagnant income as the main reason and 29% cite the need to save more.

Worries about the economy are a distant third at 16%. Americans between the ages of 30 and 49 are the most likely to limit their monthly spending, which Bankrate.com says perhaps due to the fact that these are the prime home-buying, car-owning and child-rearing years.

Senior citizens are the most likely to note stagnant income, at almost three times the rate of 18-29 year-olds. This is particularly the case for senior citizens who depend on a fixed income that continues to be plagued by record-low interest rates. Senior citizens are also more likely to worry about the economy than any other age group.

Millennials (18-29 year-olds) are the most likely to cite “need to save more” as their primary reason for holding back spending. This explanation is less common as age increases. Interestingly, the need to save more is more a common response at higher levels of income than at lower levels, although it is one of the top two reasons cited in both instances.

Bankrate’s Financial Security Index increased for the second month in a row, rising to 101.0. This is the highest reading since June 2014. Readings above 100 indicate improved financial security compared to the year before. The Financial Security Index has been above 100 in eight of the first 10 months in 2014.

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