{"id":29300,"date":"2024-08-17T23:56:00","date_gmt":"2024-08-17T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=29300"},"modified":"2024-11-06T13:03:00","modified_gmt":"2024-11-06T05:03:00","slug":"ultra-beauty-retailer","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/","title":{"rendered":"Why Buffett bought Ultra Beauty, the largest beauty retailer in the U.S.?"},"content":{"rendered":"\n<p>Buffett was disclosed bought Ultra Beauty stock in Q2 2024, first time ever.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Company_Profile\" >Company Profile<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Founder\" >Founder<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Main_business\" >Main business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#IPO\" >IPO<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Operating_status\" >Operating status<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Business_scale\" >Business scale<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#2024_Q1_financial_report\" >2024 Q1 financial report<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Competitors\" >Competitors<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Traditional_cosmetics_giants\" >Traditional cosmetics giants<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Emerging_online_rivals\" >Emerging online rivals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Large_shopping_malls\" >Large shopping malls<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Possible_reasons_that_Buffett_bought\" >Possible reasons that Buffett bought<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Stock_price_plunge_arouses_Buffetts_interest\" >Stock price plunge arouses Buffett&#8217;s interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#In_line_with_Buffetts_stock_preferences\" >In line with Buffett\u2019s stock preferences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Probable_Reasons\" >Probable Reasons<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Risks\" >Risks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Beauty_industry_suffers_headwinds\" >Beauty industry suffers headwinds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#The_company_is_going_downhill\" >The company is going downhill<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Company_Profile\"><\/span>Company Profile<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Ulta_Beauty\" target=\"_blank\" rel=\"noreferrer noopener\">Ulta Beauty (ticker: ULTA)<\/a> is a large American cosmetics retailer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Founder\"><\/span>Founder<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Richard E. George, president of Osco Drug, Inc., resigned in 1989 and founded Ulta Beauty in 1990.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Main_business\"><\/span>Main business<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Founded in 1990, Ulta Beauty has always been a leading player in the U.S. beauty retail industry and is the largest beauty retailer in the United States. Ulta Beauty carries high-end and low-end cosmetics, fragrances, nail products, bath and body care, beauty tools and hair care products. The company has beauty salons open to the public at various retail locations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"IPO\"><\/span>IPO<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company was listed on the Nasdaq on October 25, 2007.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operating_status\"><\/span>Operating status<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_scale\"><\/span>Business scale<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ulta Beauty only operates in the domestic U.S. market. As of January 28, 2023, Ulta had approximately 1,355 stores in all 50 states, approximately 250 of which were located in Target stores.<\/p>\n\n\n\n<p>Ulta Beauty offers high-end and cosmeceutical cosmetics, skin care products and fragrances in addition to its own brand of beauty products and fragrances. Ulta Beauty sells well-known cosmetics brands such as MAC Cosmetics, Kylie Cosmetics, Allure, and ColourPop.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2024_Q1_financial_report\"><\/span>2024 Q1 financial report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ulta Beauty&#8217;s revenue in the first quarter of 2024 will increase by 3.5% year-on-year to US$2.73 billion, with sales increasing by 1.6% year-on-year. As of the first quarter of fiscal 2024, the company&#8217;s number of operating stores reached 1,395.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Competitors\"><\/span>Competitors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Traditional_cosmetics_giants\"><\/span>Traditional cosmetics giants<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Lanc\u00f4me(ticker: ELF), Estee Lauder(ticker: EL),  Coty (ticker: COTY), and Louis Vuitton&#8217;s (ticker: <strong>LVMUY<\/strong>) chain cosmetics store Sephora (SEPHORA), the three traditional cosmetics giants, are Ulta Beauty&#8217;s natural competitors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Emerging_online_rivals\"><\/span>Emerging online rivals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Including emerging online rivals E.L.F.(ticker: ELF), and Amazon(ticker: AMZN).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Large_shopping_malls\"><\/span>Large shopping malls<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Macy&#8217;s (ticker: M), Kohl&#8217;s (ticker: KSS), Nordstrom (ticker: JWN), these traditional large shopping malls, because their stores have traditional shopping traffic and crowds, are also Ulta Beauty&#8217;s opponent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Possible_reasons_that_Buffett_bought\"><\/span>Possible reasons that Buffett bought<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_price_plunge_arouses_Buffetts_interest\"><\/span>Stock price plunge arouses Buffett&#8217;s interest<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the second quarter of 2024, Berkshire revealed that it had opened a position of 690,100 shares of Ulta Beauty for the first time, with a market value of approximately US$266 million. Data show that since mid-March 2024, Ulta Beauty has continued to decline, falling 45% from its high point. After Buffett was revealed to hold the company&#8217;s stock, the market immediately surged 14% the next day after hearing about Buffett&#8217;s position.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_line_with_Buffetts_stock_preferences\"><\/span>In line with Buffett\u2019s stock preferences<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Buffett&#8217;s investment strategy generally favors companies with competitive advantages, good management teams and reasonable valuations, and Ulta Beauty fits those criteria. Based on my previous research, Buffett&#8217;s portfolios all have some commonalities. For details, please refer to the special analysis of my two previous posts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/16\/common-creteria-buffett\/\">Common creteria when Buffett pick up stocks<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Probable_Reasons\"><\/span>Probable Reasons<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cheap stock price: Ulta Beauty&#8217;s stock price has fallen to its lowest level in years. The current price-to-earnings ratio of 12.56 times is relatively low, which meets Buffett&#8217;s stock acquisition standards. From a value investor&#8217;s perspective, based on the price-to-earnings ratio, the stock&#8217;s valuation is at its lowest point in a long time.<\/li>\n\n\n\n<li>Shareholders reward programs: The company announced a US$2 billion stock repurchase plan in March this year, with US$1.8 billion remaining as of early May. The company may start paying dividends this year.<\/li>\n\n\n\n<li>Competitive: The number of company members increased from 6 million in 2007 to 44.2 million last year, and the member consumption ratio increased from nearly 50% to over 95%. Ulta Beauty operates in an industry driven by rational competition, and its executives are known for their ability to manage capital.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Risks\"><\/span>Risks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Beauty_industry_suffers_headwinds\"><\/span>Beauty industry suffers headwinds<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The growth of the beauty market since 2024 is not optimistic. Ulta Beauty said in April 2024 that both the mass market and luxury markets were slowing down. The company also lowered its sales guidance for this fiscal year after its first-quarter financial report, predicting sales growth of 2% to 3%, lower than the previous forecast of 4% to 5%. L&#8217;Oreal also lowered its sales guidance from 5% to 4.5% to 5%. %.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_company_is_going_downhill\"><\/span>The company is going downhill<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The rise of the Internet, social networks, celebrity effects, including emerging online rivals E.L.F., and online retailers such as Amazon, have been putting tremendous pressure on Ulta Beauty&#8217;s business growth. Such an irreversible trend is indeed reflected in the company&#8217;s financial reports in recent years, especially the downward trend of the company&#8217;s stock price in recent years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"182\" height=\"85\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2024\/08\/ulta-Custom.jpg\" alt=\"Ultra Beauty\" class=\"wp-image-29301\"\/><figcaption class=\"wp-element-caption\">credit: Ultra Beauty<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/11\/05\/how-elf-makes-money\/\">How online merchant ELF (e.l.f. Beauty) makes money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/17\/ultra-beauty-retailer\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why Buffett bought Ultra Beauty, the largest beauty retailer in the U.S.?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/09\/16\/how-colgate-makes-money\/\">How Colgate makes money? and the benefits to invest in it<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/05\/16\/civilian-production\/\" target=\"_blank\" rel=\"noreferrer noopener\">Discover the possibility of super growth stocks in the civilian production<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/12\/29\/procter-gamble-pg\/\">Stocks Better than the S&amp;P 500, Procter &amp; Gamble (P&amp;G) <\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/27\/buffett-portfolio\/\" target=\"_blank\" rel=\"noreferrer noopener\">The commonalities of Buffett portfolio \u2013 cheap, fixed income, repurchase<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/16\/common-creteria-buffett\/\">Common creteria when Buffett pick up stocks<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Buffett was disclosed bought Ultra Beauty stock in Q2 2024, first time ever.<\/p>\n","protected":false},"author":1,"featured_media":29301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[184,11],"tags":[227,1334,1290,1321,1324,1323,1291,1325,1322],"class_list":["post-29300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer-cyclical","category-buffett","tag-amzn","tag-coty","tag-el","tag-elf","tag-jwn","tag-kss","tag-lrlcy","tag-lvmuy","tag-m"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/29300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=29300"}],"version-history":[{"count":12,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/29300\/revisions"}],"predecessor-version":[{"id":31505,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/29300\/revisions\/31505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/29301"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=29300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=29300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=29300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}