Recently, Space NK announced that it plans to expand its footprint in the UK retail market by opening 10 new stores in 2025. Despite the ongoing challenges in the physical retail sector, CEO Andy Lightfoot sees strong potential for growth, supported by the company’s recent financial performance. Sales have surged by 34% in the past year, with Lightfoot affirming his commitment to physical stores, targeting both high streets and shopping centres for the new locations.
The beauty retailer, owned by private equity firm Manzanita Capital, has been in business for 33 years and currently operates 78 stores in the UK and Ireland, with two more set to open this month. Lightfoot expressed confidence about further expansion, suggesting that the company aims to maintain a similar pace of store openings in coming years.
According to figures shared with The Times, Space NK’s turnover increased 34% to £196.5 million for the year ending in March, while pre-tax profit jumped from £1.5 million to £7.5 million. This growth has continued into the current financial year, with first-half turnover up 38%, like-for-like store sales up 24%, and online sales up 35%.
The brand’s appeal spans all age groups, with a notable rise in customers under 25, whose growth reached 164%. Lightfoot attributes Space NK’s success to its wide selection of “hard-to-find” luxury brands, including La Mer, Sisley, Creed, and Drunk Elephant, which resonates well with shoppers. The variety of price points has also proven popular, reflecting Space NK’s commitment to a diverse and accessible product offering.
According to reports, as of April 2024, Space NK had 74 stores in the UK. Financial data disclosed by Space NK shows that for the fiscal year ending March 25, 2023, revenue grew by 23%, reaching £146 million, with store sales increasing by 28% and annual online sales up by 16%.
