Recently, Ulta Beauty is accelerating its global growth strategy with the acquisition of premium U.K. beauty retailer Space NK, a move that marks the U.S. giant’s formal entry into the European market.
The deal, announced Thursday, was made with cash on hand and under Ulta’s existing credit facility. While financial terms were not disclosed, previous reports indicated that Space NK’s former owner, Manzanita Capital, had been seeking a buyer in the range of £300 million to £400 million.
This acquisition is the latest bold step from Ulta’s newly appointed CEO, Kecia Steelman, who took the helm earlier this year. Under Steelman’s leadership, the company has prioritized international expansion. “Today’s announcement marks an exciting step forward for Ulta Beauty’s global expansion efforts, adding the U.K. market to our existing planned openings in Mexico and the Middle East later this year,” said Steelman in a statement. “Space NK is a beloved brand with a strong operating model and customer loyalty, and we couldn’t be more thrilled to welcome the brand into the Ulta Beauty family.”
Founded in London’s Covent Garden in 1993 by Nicky Kinnaird, Space NK built a loyal following with its tightly curated selection of hard-to-find, high-end skincare and beauty brands. Over three decades, it evolved into one of the U.K.’s most respected beauty retailers, with 83 stores across the U.K. and Ireland and 2024 turnover of £196.5 million. Despite past success, Manzanita Capital—its owner for 23 years—had been seeking an exit. Initial attempts to sell the company in 2018 were shelved, but renewed efforts earlier this year culminated in this latest deal.
Space NK will continue to operate independently as a stand-alone subsidiary of Ulta Beauty, retaining its existing management team, including CEO Andy Lightfoot. Lightfoot expressed optimism about the future under Ulta’s ownership, citing the company’s scale, brand relationships, and resources as major assets. “This acquisition sets both companies on a path to further success and, importantly, enables us to reach more beauty enthusiasts throughout the world at scale,” he said.
The deal does not include Space NK’s U.S. wholesale operations—which comprise roughly 600 points of distribution through retailers like Bloomingdale’s, Nordstrom, Nordstrom Rack, Hudson’s Bay, and Walmart. That segment of the business was sold to PCA Companies in June 2024.
