# Who are Ulta Beauty, Inc.'s customers? Who does Ulta Beauty, Inc. earn revenue from?
Canonical: https://valuechain.wiki/ulta-beauty · Facet: customers · Updated: 2026-09-24T10:37:59.729743+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Ulta Beauty, Inc.'s confirmed revenue counterparties include Target Corporation plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 2 revenue edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-09-24).

### 타깃 (high)  → /target.md
- note: The shop-in-shop network in Target stores and on target.com was a named external sales channel for Ulta Beauty. The companies agreed not to renew the partnership after the current agreement ends in August 2026.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-26) https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm: "available in over 600 Target locations"
- [confirms] McKinsey & Company (EN, analysis, published 2023-07-06) https://www.mckinsey.com/industries/retail/our-insights/meeting-beauty-consumers-where-they-are-and-where-theyre-going: "Target represents an incremental shopping occasion for our consumers"

### Grupo Axo (high)
- note: The Mexican joint venture with Grupo Axo licenses the Ulta Beauty name and operating model to run local stores. Ulta Beauty earns royalties from its international operations, but it did not disclose the counterparty-specific amount.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-26) https://www.sec.gov/Archives/edgar/data/1403568/000110465926035243/ulta-20260131x10k.htm: "joint venture partnership with Grupo Axo"

Reverse side: https://valuechain.wiki/ulta-beauty/suppliers.md · Ripple: https://valuechain.wiki/ulta-beauty/ripple.md

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Full node: https://valuechain.wiki/ulta-beauty.md · JSON: https://valuechain.wiki/ulta-beauty.json