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Investing.com -- Ulta Beauty (NASDAQ:ULTA) stock fell 2% Thursday morning after the company announced it would not renew its shop-in-shop partnership with Target (NYSE:TGT) when their current agreement expires in August 2026.
The beauty retailer and Target said they "mutually agreed" to conclude the partnership, which began in 2021. Until the expiration date, the Ulta Beauty at Target experience will continue to operate in Target stores and on Target.com.
Customers who have linked their Ulta Beauty Rewards and Target Circle accounts will continue to earn rewards on eligible purchases at Ulta Beauty at Target locations through the end of the partnership.
"For 35 years, Ulta Beauty has revolutionized how people experience beauty – bringing together an unmatched assortment from mass to luxury – and our partnership with Target was one of many unique ways we have brought the power of beauty to guests nationwide," said Amiee Bayer-Thomas, chief retail officer at Ulta Beauty.
The company said it remains focused on executing its "Ulta Beauty Unleashed" plans and will launch the Ulta Beauty Marketplace later this year, described as a curated online destination designed to engage new brands and audiences.
Target’s executive vice president and chief commercial officer Rick Gomez noted that the retailer will "continue to curate a differentiated beauty assortment" featuring essentials and new products after the partnership ends.
Both companies stated they are committed to maintaining product availability and a seamless shopping experience through the conclusion of the partnership in 2026.
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