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

After nearly four years of collaboration, Ulta Beauty and Minneapolis-based Target jointly announced Thursday they will end their shop-in-shop partnership when the current agreement expires.

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.