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.

The retailers announced on Thursday that the companies have mutually agreed not to renew the Ulta Beauty at Target shop-in-shop partnership when the current agreement concludes in August 2026.

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.