Target and Ulta Beauty stocks dropped after the companies said they were ending a partnership that saw Target open hundreds of Ulta outposts within its stores.

In a news release, the companies said the partnership — which also added some of Ulta's merchandise to Target's website — will end in August 2026. Target had added more than 600 Ulta Beauty shops to its stores, according to a company spokesperson. That's nearly a third of Target's 1,981 U.S. stores.

Since launching in 2021, Ulta Beauty at Target has expanded access to prestige beauty and offered beauty enthusiasts the benefit of linking their Ulta Beauty Rewards and Target Ci