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5d ago

Ulta Beauty Completes Space NK Purchase to Establish UK Presence

Ulta Beauty will maintain Space NK’s autonomy to leverage the retailer’s established stores and revenue growth for its Unleashed international expansion.

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People walk past an Ulta Beauty store in the Manhattan borough of New York City, New York, U.S., March 8, 2022. REUTERS/Carlo Allegri/File Photo
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Overview

  • Ulta Beauty acquired Space NK from Manzanita Capital for an undisclosed sum likely exceeding £300 million, ending the investor’s 23-year ownership of the British chain.
  • Space NK will operate as a standalone subsidiary, gaining access to Ulta’s supply-chain efficiencies, digital platforms and enhanced purchasing power.
  • Founded in 1993 by Nicky Kinnaird, Space NK grew net revenue from £11.8 million in 2021 to £195 million in 2024 and plans to open 10 more UK and Ireland stores this year.
  • This deal marks Ulta’s first major entry into the UK market after launching operations in Mexico and the Middle East earlier in 2025.
  • Ulta aims to bolster its global competitiveness against rivals such as Sephora and Amazon by combining its scale and innovation with Space NK’s premium brand reputation.