Women in Retail Leadership Circle (WIRLC) recently released its 15th annual Top Women in Retail report. The valuable resource highlights female executives who impressed our Editorial team as well as colleagues from the industry. Paula Oyibo, chief financial officer, Ulta Beauty, is one such example. Here’s a sampling of Paula’s interview featured in the report.

Women in Retail Leadership Circle: How do you see the beauty retail landscape evolving, and how is Ulta Beauty positioning itself for the future?
Paula Oyibo: The pace of change in the beauty and retail landscape has accelerated and guest expectations have never been higher. We’re inspired by how beauty enthusiasts are engaging with the category — and with Ulta Beauty — more passionately than ever. Today’s beauty consumer is younger, more diverse, and more fluid in how they explore and shop. We’re focused on building on the key advantages of our model as we look to enhance our assortment, foster authentic and engaging experiences, expand our omnichannel reach, and build lifelong loyalty.

Several trends are driving the growth and vibrancy of this category. The connection between beauty and wellness is growing stronger, as consumers increasingly embrace self-care. Digital and e-commerce have significantly enhanced engagement in the beauty category, providing greater convenience, enabling exploration, and complementing the in-store journey. Innovation remains a crucial driver, with new products and experiences keeping excitement alive across the category. We’re also seeing earlier adoption of beauty products among Gen Alpha, teens and males, which is broadening the audience and expanding the definition of beauty to embrace individuality and inclusivity.

Ulta Beauty is uniquely positioned to lead and thrive in this dynamic industry. Our differentiated business model has consistently delivered strong results, and we’re committed to strengthening our leadership position by actively investing in areas that capture consumer demand and deliver financial returns for our brands and stakeholders.

WIRLC: What strategies do you employ to maintain profitability at Ulta Beauty?
PO: Maintaining profitability while fueling growth is all about balance and discipline. At Ulta Beauty, we’re fortunate to have a strong financial foundation, which allows us to reinvest in the business thoughtfully and return value to our shareholders. 

The beauty industry is full of growth opportunities, but it’s essential to be strategic in how we allocate resources and sequence investments to drive both immediate business impact and long-term financial returns. Over the past three years, for example, we’ve made transformative investments in our infrastructure. While these updates may not be as visible to our guests, they’re essential. Our enhanced digital infrastructure supports deeper personalization and improved guest conversion; our expanded supply chain network ensures faster delivery to guests and lower fulfillment costs; and our new enterprise resource planning (ERP) system is paving the way for improved operational efficiencies and future international expansion. These investments position us to accelerate growth and remain a leader in the category.

Now that these foundational capabilities are in place, we’re shifting our focus to guest-facing strategies. In the near term, we’re driving sales by strengthening our assortment, increasing social relevance, enhancing our digital presence, maximizing loyalty programs, and optimizing promotions. Long term, our growth will be fueled by evolving our assortment and brand-building efforts, advancing leadership in wellness, increasing advertising to drive relevance and brand love, and leveraging our competitive edge in delivering an exceptional guest experience. This combination of thoughtful investment and guest-centric strategies ensures we can sustain profitability while continuing to innovate and lead in this dynamic category.

WIRLC: What’s a lesson you learned that has shaped your leadership approach?
PO: Leadership is about making decisions, but I’ve learned that balancing decisiveness with empathy is essential. Empathy is rooted in listening, understanding and building trust, which strengthens connections and leads to better outcomes. 

With that in mind, I strive to lead with a people-first mindset, fostering collaboration, inclusivity and trust while making decisions that align with our long-term vision. It’s this balance of empathy and action that shapes my approach as CFO and helps create an environment where others feel valued, empowered and inspired to lead with confidence.

WIRLC: How do you manage the demands of a high-profile leadership role while maintaining personal commitments?
PO: Like everyone, I juggle multiple roles in life. Managing the demands of leadership means being intentional with my time and clear about my priorities. I focus on what matters most in each moment, both professionally and personally. 

For me, that starts with trusting the strong teams I work with and embracing the partnership I have with my loved ones at home. I rely on my dedicated direct reports to help drive the business forward, just as I count on the mutual support of those closest to me outside of work. 

I’ve always believed that asking for help is not a sign of weakness but a mark of strong leadership. True leadership demands the courage to acknowledge that no one succeeds alone. Vulnerability, in this sense, is a strength. It means recognizing the realities of life’s many demands rather than maintaining a facade of unshakable independence. Delegating isn’t about relinquishing responsibility; it’s about trusting and empowering the team. It fosters growth in those around me, giving them opportunities to step up and lead. By embracing this mindset, I not only meet the demands of my role but also create space for the people around me to thrive, both professionally and personally.

WIRLC: What advice do you have for women aspiring to reach C-suite positions in finance?
PO: While women still represent a small percentage of CFOs at public companies, the number is rising. This progress signals not just opportunity but also a call to action. Representation matters. When we see more women in the C-suite, especially in historically male-dominated roles, it becomes easier for others to imagine themselves there, too. However, aspiring to these roles takes more than ambition. It takes resilience, continuous learning, and emotional intelligence. It’s important to also hold others accountable, ensuring equity in opportunity and providing mentorship. Supporting those around you with the same encouragement and guidance can create a ripple effect, helping to build a more inclusive and empowered future for others.

And sometimes it requires giving yourself permission to pivot — to dream big and pursue the goals that truly align with your vision of success. For me, stepping away from a partnership career trajectory to chase my dream of becoming a CFO wasn’t easy, but it was the right choice. It reminded me that leadership is as much about self-trust as it is about strategy.

The progress we’re seeing today is an invitation to step forward boldly with vision and confidence. The future of the C-suite in finance is evolving, and women have an incredible opportunity to shape it. By trusting yourself, embracing growth, and leading with purpose, you can make a lasting impact — not just for yourself, but for the women who will follow.

Read more interviews from our 2025 Top Women in Retail report by downloading it here. Want to connect with women leaders like Paula Oyibo? Apply to become a Women in Retail Leadership Circle member today!