The Price of Silence: Ulta Leaves Target, But Not For the Reasons That Matter

Ulta’s Divestment Isn’t About Us. It’s About Sales.

When I read that Ulta is finally pulling out of Target, my reaction was not that this was bold. It was that it was performative. Ulta has been inside Target for five years, with more than 600 shop-in-shops since the partnership launched in 2021. If DEI had ever been a true guiding principle, Ulta would have reconsidered that relationship the moment Target began rolling back its diversity, equity, and inclusion commitments in early 2025.

Instead, Ulta stayed in place, enjoying the visibility and revenue the partnership offered. Now, with sales slowing and the collaboration set to end in 2026, they want to frame their exit as strategy. But this is not about principle. It is about profit.

Ulta’s Timing Problem

By fiscal 2024, Ulta’s Target mini-shops generated roughly $465 million in sales, about 4 percent of Ulta’s total revenue. That was real money. But when Target announced the rollback of its $2 billion REACH DEI initiative in January 2025, Ulta did not budge. They did not distance themselves, they did not make a statement, and they did not walk away.

That silence was a choice, and it told Black beauty consumers that DEI was never the dealbreaker. Only sales were.

Target’s Decline

It is also important to note that Ulta is not leaving a thriving partner. Target has been struggling in this economy, and the DEI backlash only accelerated its decline. Their decision to abandon equity will close doors faster, but the writing was already on the wall. Their model does not work in today’s marketplace.

I will be breaking this down more fully in a future case study on The Overdressed Black Girl. For now, it is enough to say this. Ulta’s exit is not only about its own direction, it is also about recognizing that Target is no longer a safe bet for growth.

The Illusion of Corporate DEI

This story is a reminder that inclusivity often exists in corporate America as a marketing tool, not a sustained commitment. Representation is packaged and sold in campaigns, wider shade ranges, and special heritage month spotlights. But when equity becomes costly or controversial, those same commitments vanish.

Ulta’s delayed exit shows us exactly how shallow that commitment can be.

What This Means for Black Beauty Consumers

Black women have fueled Ulta’s growth, whether in standalone stores or inside Target’s aisles. We demanded better representation, created demand for inclusive products, and showed up as loyal shoppers.

Yet when equity was on the line, Ulta chose silence and sales. That decision tells us everything we need to know. We are seen as consumers to monetize, not communities to stand with.

A Call to Divest

After five years, Ulta is leaving Target not because of principle, but because of pressure. If Ulta cannot model accountability, then maybe it is time Black beauty consumers divest from Ulta as well.

Our dollars are powerful. They shape the beauty industry, set the trends, and dictate what appears on the shelves. If Ulta and Target cannot align their actions with the values they market, then we must be willing to invest our spending power elsewhere.

Closing Thoughts

This is not just a story about Ulta and Target. It is a story about how the beauty industry consistently relies on Black cultural influence without standing with Black communities when it matters.

Target’s doors may close sooner than people think. Ulta’s credibility with Black consumers is at risk right now.

The beauty industry cannot survive on Black culture while abandoning Black communities. Until companies prove otherwise, our responsibility is to invest in the ones that consistently show up for us.

✨ What do you think? Ulta spent five years inside Target. Should they have left sooner? And do you believe Target’s business model can survive this economy? Share your thoughts below so we can talk about it together.