On July 10, Ulta Beauty, the largest specialty beauty retailer in the United States, announced its acquisition of Space NK, a UK-based luxury beauty retailer, from investment firm Manzanita Capital. The financial terms of the deal were not disclosed. With this acquisition, Ulta Beauty makes its official entry into the UK market for the first time.
Space NK, founded in 1993 in London’s Covent Garden, is a high-end beauty retailer that currently operates 83 stores across the UK and Ireland. In addition to its physical presence, the company runs an online platform that curates and offers a carefully selected range of luxury and innovative beauty brands from around the world across categories such as skincare, makeup, haircare, and fragrance. It has earned a strong reputation as a trusted destination for beauty discovery, particularly among beauty-conscious consumers and industry professionals. Over the years, Space NK has established itself as a leading “beauty select shop,” offering not only established labels but also introducing emerging brands to the market.
Post-acquisition, Space NK will continue to operate as an independent subsidiary, led by its current management team, including CEO Andy Lightfoot.
Kecia Steelman, President and CEO of Ulta Beauty, commented, “We are excited to enter the UK market via the Space NK banner. International expansion is an integral part of our Ulta Beauty Unleashed plan, and the acquisition of Space NK offers a unique and strategically compelling opportunity to enter the growing UK market with a successful and growing brand.” She added, “Along with our initiatives in Mexico and the Middle East, we are creating a broader platform for Ulta Beauty to unlock long-term, profitable growth.”
Bill Fisher, CEO of Manzanita Capital, which has owned Space NK for 23 years, reflected on the brand’s journey: “Space NK has been an important part of Manzanita Capital for the past 23 years. The acquisition of Space NK from Nicky Kinnaird was a key influence in developing Manzanita’s unique expertise in selecting and nurturing luxury and niche premium beauty and perfume brands.” He continued, “I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights.”
Space NK CEO Andy Lightfoot shared his excitement about the deal, stating, “We have long respected Ulta Beauty as the leading specialty beauty retailer in the U.S. We are energized and excited by the opportunity to join Ulta Beauty and benefit from its scale, brand relationships and resources to further fuel our mission to serve beauty obsessed consumers through expertise and innovation.”
The acquisition was funded using Ulta Beauty’s cash on hand and available credit facilities. The company noted that the transaction is not expected to have a material impact on its fiscal 2025 financial results or on its capital allocation plans, including its ongoing share repurchase program.
With this move, Ulta Beauty aims to strengthen its global presence by expanding its footprint beyond the U.S. to key international markets, including the UK, Mexico, and the Middle East, positioning itself as a growing force in the global beauty industry.
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