The companies said the partnership — which also added some of Ulta’s merchandise to Target’s website — will end in August 2026.

Shares of Target and Ulta Beauty are falling Thursday morning. The companies released a joint announcement that their "Ulta Beauty at Target" shop-in-shop partnership will not be renewed.

Target shoppers will soon see a major change inside stores as the retailer says it has "mutually agreed" to end its "shop-in-shop" shopping experience with Bolingbrook-based beauty retailer Ulta Beauty. According to a press release, the partnership between the two retailers will end next year.