Target and Ulta mutually agree not to renew partnership launched in 2021
New York (AP) -target and Ulta Beauty ends a partnership that creates in-store stores in 2021 and creates in-store stores in hundreds of discount stores.
According to a common version released on Thursday, companies said that they “mutually accepted” to renew their agreements that ended in August 2026.
According to a Target spokesman, Ulta is currently about 1,980 stores of Target.
“For 35 years, Ulta Beauty was one of the many unique ways that we have experienced to bring together a unique diversity of people’s beauty-luxury to luxury, and our partnership with Target and the power of beauty to guests.”
Target Assistant General Manager and Head of Trade Rick Gomez, said in a statement, “consumers expect the beauty experience expected from Target,” he said.
Partnership announced in 2020 And Coronavirus Pandemik came as rising shopping habits, and more people tried to minimize potential exposure to the virus by shopping. Covid, people had reduced lipstick sales while wearing masks, but skin care business took advantage of stronger sales.
The shops carry approximately 1,000 feet square and makeup, skin care and odor and are running alongside the existing beauty sections in target stores. The agreement was a way of increasing both Target and Ulta’s customer bases.
Target CEO Brian Cornell told Associated Press in 2020, “A combination of two winning retailers who have gained great momentum in the market,” he said.
The announcement is struggling to regain its foundation with shoppers who shop in other competitors, which are attracted to optional items and shop in other competitors that they believe that they are lower price or better products.
On Wednesday, the target will declare the second quarter results.
The target is also expected to announce a successor plan for a new CEO, which will replace the President and CEO Brian Cornell in 2014.
In September 2022, he extended Cornell’s contract for three more years, but the retailer never gave an official time.
