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According to a joint release issued Thursday, the companies said
they have “mutually agreed" not to renew their pact, which
concludes in August 2026. Until then, the Ulta Beauty experience
at Target will continue in Target stores and on Target.com, the
release said.
Ulta is currently in 600 of Target's roughly 1,980 stores,
according to a Target spokesperson.
“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 of
Ulta Beauty, in a statement.
Rick Gomez, executive vice president and chief commercial
officer at Target, said in a statement he was committed to
"offering the beauty experience consumers have come to expect
from Target.”
The partnership was announced in 2020 and came as the
coronavirus pandemic upended shopping habits and more people
tried to minimize potential exposure to the virus through
one-stop shopping. COVID had dampened sales of lipstick as
people wore masks, but the skincare business enjoyed stronger
sales.
The shops are about 1,000 square feet and carry makeup,
skincare, and fragrance and operated beside existing beauty
sections in Target stores. The deal was a way for both Target
and Ulta to increase their customer base.
“It’s a combination of two winning retailers that have great
momentum in the market that can redefine the category,” Target
CEO Brian Cornell told The Associated Press back in 2020.
The announcement comes as Target is struggling to regain its
footing with its shoppers who are pulling back on discretionary
items and are shopping at other rivals that they believe to be
lower price or offer better merchandise.
Target is slated to report its fiscal second-quarter results on
Wednesday.
In September 2022, Target extended its contract for its chairman
and CEO Brian Cornell for another three years. It has not
announced its succession plan.
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