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.

Ulta Beauty, the largest cosmetics retailer in the U.S. announced Thursday it is ending its partnership with Target. An announcement from the company says the brands mutually agreed to end the Ulta Beauty at Target shop-in-shop partnership that launched in 2021.

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.

Ulta Beauty (ULTA) on Tuesday received a price target raise from Oppenheimer to $600 from $510, as the firm sounded “upbeat” about new CEO Kecia Steelman’s leadership. Oppenheimer maintained an ‘outperform’ rating,