Manzanita Capital, which also owns other luxury brands such as Diptyque, Eve Lom and Byredo, has not disclosed the financial terms of the sale.
Plans to enter the UK market
Space NK was originally founded by beauty industry veteran Nicky Kinnaird and currently has 83 luxury curated cosmetics retail stores in the UK and Ireland, as well as an online store.
According to Ulta Beauty’s CEO Kecia Steelman, the acquisition offers an opportunity to enter the growing UK market and will be important in the company’s strategic focus on international expansion under its turnaround plan.
“We are excited to enter the UK market via the Space NK banner,” said Steelman.
“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,” she said.
Earlier this year, the US retailer raised its financial guidance for 2025 after a strong first quarter.
CEO and founder of Manzanita Capital Bill Fisher said that Space NK had been an important part of Manzanita Capital for the past 23 years and that he had “every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights.”
Meanwhile Space NK’s CEO Andy Lightfoot said that the business has long respected Ulta Beauty as the leading specialty beauty retailer in the US market.
“We are energised 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,” he said.
