In a major development in the beauty industry, Ulta Beauty announced today its acquisition of Space NK, the leading British beauty retailer, from Manzanita Capital—a long-term investor with deep expertise in the beauty sector. Financial terms of the transaction were not disclosed.
Renowned for curating some of the world’s most innovative beauty brands, Space NK has earned a reputation as a go-to destination for beauty discovery, operating 83 stores across the UK and Ireland, as well as a strong online presence. The company will continue to operate as a standalone subsidiary of Ulta Beauty, under the leadership of its existing management team.
“We are excited to enter the UK market via the Space NK banner,” said Kecia Steelman, president and chief executive officer of Ulta Beauty, in a release. “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. 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.”
“Space NK’s management team, with the backing of Manzanita Capital, has done an excellent job building a differentiated beauty experience that inspires consumers through tailored product mixes. We look forward to working with the Space NK team to support their continued growth and success,” Steelman said.
Bill Fisher, CEO and founder of Manzanita Capital, commented: “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.”
“I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights,” said Fisher.
“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,” said Andy Lightfoot.
