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Shares of Ulta Beauty (ULTA - Get Report) were higher Tuesday after a director who oversees the multibillion-dollar Chanel fortune built a bigger stake in the cosmetics company.

Ulta's stock price jumped 5.5% to $264.42 after news broke that company board member Charles Heilbronn snapped up nearly a quarter million shares, upping the stake in the company to 2 million shares, Bloomberg reports.

An executive vice president at Chanel Inc., Heilbronn bought the stock from Sept. 26-30 through Mousseluxe SARL, which oversees the fortune of Chanel owners Alain and Gerard Wertheimer, the news service noted.

The Chanel group is now the sixth largest owner of Ulta, with a 3.4% stake in the cosmetics company, whose market is millennial women.

The rally comes after a tough month for Ulta, which saw its stock price give up more than 30% after it cut its forecast for the year.

In its second-quarter earnings report on Aug. 29, Ulta lowered its outlook for same-store sales in fiscal 2019 to a range of 4% to 6%, down from 6% to 7% previously.

The company also projected lower earnings, in the $11.86-$12.06 a share range, down from $12.83-$13.03.

"Looking forward, we have updated our fiscal 2019 outlook to reflect the headwinds we are currently seeing in the U.S. cosmetics market," Mary Dillon, Ulta's CEO, said then in a statement.