THE WHAT? The investment firm that manages the wealth for the Wertheimer family, who own a controlling interest in Chanel, has sold the majority of its stake in Ulta Beauty, according to a report published by Bloomberg Wealth.

THE DETAILS Mousse Partners, as the family office is known, has held the investment for more than 14 years and seen a 1,700 percent return in that time. Regulatory filings reveal that the company has cashed in shares in the US beauty retailer to the value of US$480 million in the last month, per Bloomberg Wealth.

THE WHY? Bloomberg Wealth reports that the family has simultaneously upped its stake in Beautycounter. Could the sale of the family’s shares in Ulta be yet another sign that physical retail has peaked and future growth is to be found in digital?