Posted May 03, 2018 11:18:17A long and distinguished history, including the naming of Ulta beauty as the “unfortunatly unfortunate” beauty brand, has seen the retailer become embroiled in a scandal.
The ABC understands a number of Ultas employees were involved in a series of transactions, some of which have now been uncovered.
The revelations come after a number women and businesses have filed complaints against the retailer, which has denied any wrongdoing.
It is understood some of the allegations are related to the purchase of products by two of its own beauty department employees.
The company has now launched an internal investigation into the allegations and has suspended one of its Beauty Max cosmetics and cosmetics brands.
The investigation into allegations of misdeeds has been handed over to the Department of Fair Trading.
The department has also asked the retailer to provide a copy of its annual accounts to determine whether any “material financial losses” occurred, the ABC has learned.
Ulta Beauty was founded in 1893 and was known for its products, including its own cosmetics, hair care and body care line.
Its beauty and skincare business is one of the most profitable in Australia.
In the 1970s, it became the first Australian retailer to launch its own cosmetic brand, with its first major retail outlet opening in 1975.
It was later acquired by L’Oréal in 1996.
The sale of Ultamark was a significant milestone for the company.
By the early 1990s, the company had been trading on the New York Stock Exchange for more than a decade, and was valued at more than $3 billion.
In 2015, the Australian Competition and Consumer Commission (ACCC) reported Ulta’s stock price had declined by about $500 million between 1997 and 2018.
The retailer has since rebranded itself as Ulta Cosmetics.
The Department of Prime Minister and Cabinet has launched an investigation into Ulta and is looking into whether it has broken the Australian Consumer Law, the agency said in a statement.
A spokesperson for Ulta declined to comment.
Ulta Cosmetology has also issued a statement saying it has “no knowledge of any allegations that have been made against Ulta or any individuals involved in this matter”.
It said the retailer had a “long and distinguished” history and “we value the diversity of our team and the diversity and experience of our employees”.
A spokesman for Ultamarcas beauty brand also said they had no knowledge of allegations.
Earlier this month, Ulta apologised to two women who said they were harassed by its staff.
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