Good morning! Two female CEOs negotiate a major merger, the Diddy trial continues, and Ulta gets in on Cowboy Carter.
– Most wanted. If you attend a stop of Beyoncé’s Cowboy Carter tour over the next several weeks, you’ll see salon-inspired setups promoting the superstar’s new-ish haircare brand Cécred. Beyoncé’s tour has harnessed the power of the stadium to promote everything from her brand to her mother Tina Knowles’ recent memoir.
If you walk into an Ulta Beauty store that same weekend, you may see some similar activations. The beauty giant and Sephora competitor in April signed an exclusive deal to stock Cécred in 1,400 stores. As part of the Cowboy Carter tour, Ulta is hosting in-store events—and helping customers shop Beyoncé-inspired beauty looks.
Ulta’s CFO Paula Oyibo dives into the partnership in a new Fortune interview with my colleague Sheryl Estrada. The relationship demonstrates “how cultural relevance and financial impact can go hand in hand,” Oyibo says.
That’s not surprising to hear when the partner in question is Beyoncé. Her Renaissance world tour grossed $579 million. Cowboy Carter takes Beyoncé to new artistic territory, with its country music and America-themed visuals. It also provides new opportunities for brand integrations; Levi Strauss, already part of the Western-inspired fashion trend, has enjoyed being name-checked in Beyoncé’s song “Levii’s Jeans.” The brand just released a t-shirt with that cheeky misspelling.
Cécred was Ulta’s largest haircare launch ever—and Cowboy Carter is set to be the tour of the summer. In a competitive prestige beauty retail market, it’s smart for the $11 billion retailer to remind consumers that it’s part of that.
Read Sheryl’s full story here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- Power play. Dick’s Sporting Goods has acquired Foot Locker—a deal that involves two female CEOs. Lauren Hobart runs Dick’s, while Mary Dillon has been at the helm of Foot Locker. The agreement reportedly puts a price of about $2.4 billion on Foot Locker. Wall Street Journal
- Trial testimony. Casandra Ventura, who goes by Cassie, testified against her former partner Sean “Diddy” Combs in his sex trafficking trial, alleging rape, physical violence, and blackmail with "‘freak-off” videos. Combs has pleaded not guilty to the five charges he faces. Washington Post
- Challenge denied. A bill allowing abortion pill providers and manufacturers to be sued for up to $100,000 passed the Texas Senate. The bill would also allow men who think their partner had an abortion to sue under the wrongful death statute, up to six years later. And what’s more—written into the bill are protections preventing it from being challenged in state court. Texas Tribune
- Recall alert. Waymo issued a recall of over 1,200 of its self-driving vehicles, or 80% of the 1,500 vehicles currently in operation in San Francisco, Los Angeles, Phoenix, and Austin. The company, with co-CEO Tekedra Mawakana, is updating vehicle software after 16 recent minor collisions. Reuters
- Betting on a billion. FIFA is aiming to bring in $1 billion in revenue from the 2027 Women’s World Cup, spurred by growth in the sport in recent years. The last Women’s World Cup in 2023 made $570 million in revenue, breaking even. ESPN
MOVERS AND SHAKERS
Accounting and advisory firm Anchin appointed Tammy Maguire as CFO. Most recently, she was VP, Finance Marcum Financial Services at CBIZ.
Tax compliance company Sovos named Ann-Christel Graham chief revenue officer. She most recently served as chief revenue officer at IDG.
Inozyme Pharma, which develops therapeutics for rare diseases, named Dr. Petra Duda chief medical officer. She most recently served as the company's SVP of clinical development.
Christian F. Nunes will not be seeking reelection as president of the National Organization for Women, the largest and oldest feminist organization in the U.S.
Inari, a seed technology company, appointed Lisa Nunez Safarian to its board of directors. She was most recently president and chief operating officer at Pivot Bio.
ON MY RADAR
Trump’s Orwellian erasure of women Time
The $700 calendar that wants to save your marriage New York Times
What Scarlett Johansson wants: AI boundaries, respect for blockbusters—and revenge on Michael Che Vanity Fair
PARTING WORDS
“No one’s success is a straight line.”
— Olympic champion gymnast Simone Biles to Washington University graduates
