Manzanita Capital, the long-standing owner of Space NK, a prominent high street beauty retailer, is considering a significant move by putting the company up for sale. According to Sky News, Manzanita Capital, a private investment firm, has approached investment banks to explore the possibility of a partial or full sale of Space NK, marking a potential change in ownership after more than two decades.
Sources within the retail industry have revealed that bankers are expected to be appointed in the near future to oversee the sale process, although the specific firm that will handle the mandate remains uncertain. Based on Space NK’s strong financial performance, experts estimate its value to be worth anywhere between £300 million and £400 million.
Manzanita Capital, known for its ownership of other prestigious brands such as Diptyque, the French perfume house, and Susanne Kaufmann, an Austrian luxury skincare brand, is yet to make a decision regarding whether to sell a minority or controlling interest in Space NK.
Founded in 1993 by Nicky Kinnaird, the retailer derives its name from her initials. With 76 stores and a workforce of over 1,000 employees, Space NK has become synonymous with high-end skincare and cosmetics products. Despite the challenges posed by the COVID-19 pandemic, the company has demonstrated a resilient post-COVID trading performance, further adding to its appeal in the eyes of potential buyers.
