Retail giant Target and the beauty supply chain Ulta Beauty have announced the corporate equivalent of a “conscious uncoupling.” The companies launched their “store within a store” partnership back in 2021, come August 2026, those mini Ulta shops that now inhabit 600 or so Targets will pack up their makeup cases and leave.

Target (NYSE:TGT) hit with a downgrade to Underperform with rising digital competition, tariff pressures, and challenges in the beauty sector.

Ulta Beauty and Target Corporation announced on Thursday they won’t be renewing their in-store partnership, which ends a year from now in August 2026. Until then, Ulta Beauty products will continue to be sold in Target stores and online at Target.com.