Ulta Beauty Acquires Space NK to Enter UK Market with 83 Stores

Ulta Beauty has officially acquired Space NK Limited, a leading British beauty retailer, marking a major milestone in its international expansion strategy. The purchase from Manzanita Capital, a seasoned investor in premium beauty, allows Ulta Beauty to establish a direct footprint in the UK and Ireland. Space NK operates 83 stores across both countries in addition to a robust e-commerce business.

The financial details of the acquisition were not disclosed. However, the move reflects Ulta Beauty’s broader goals as part of its Ulta Beauty Unleashed growth plan. Space NK will continue to operate as a standalone subsidiary and retain its current leadership, including Andy Lightfoot, CEO of Space NK.

Strategic Expansion Beyond the U.S.

“We are excited to enter the UK market via the Space NK banner,” Kecia Steelman, president and chief executive officer of Ulta Beauty, said. “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.”

Ulta Beauty has long sought to grow beyond the U.S., and this acquisition represents the company’s first major retail presence in the European market. Space NK is well-positioned as a retailer known for curating innovative and luxury beauty brands, giving Ulta access to a new consumer base already engaged with high-performance products and expert service.

Recognizing a Strong Foundation

“Space NK’s management team, with the backing of Manzanita Capital, has done an excellent job building a differentiated beauty experience that inspires consumers through tailored product mixes. We look forward to working with the Space NK team to support their continued growth and success,” Steelman continued.

By acquiring Space NK, Ulta benefits not only from a strong retail network but also from the team's local market expertise and long-standing supplier relationships.

Reflections from Manzanita Capital

“Space NK has been an important part of Manzanita Capital for the past 23 years. The acquisition of Space NK from Nicky Kinnaird was a key influence in developing Manzanita’s unique expertise in selecting and nurturing luxury and niche premium beauty and perfume brands,”
Bill Fisher, CEO and founder of Manzanita Capital, commented.

“I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights,” Fisher added.

Space NK Looks to the Future

Space NK leadership is optimistic about the future, expressing enthusiasm over the new synergies and opportunities that Ulta brings.

“We have long respected Ulta Beauty as the leading specialty beauty retailer in the U.S. We are energized 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,” Andy Lightfoot, CEO of Space NK, said.

Deal Structure and Advisors

The acquisition was funded with a combination of cash on hand and availability under Ulta Beauty’s existing credit facility. It is not expected to materially impact Ulta’s fiscal 2025 financial results or affect current capital allocation plans, including its share repurchase program.

Goldman Sachs served as the exclusive financial advisor to Ulta Beauty, and Latham & Watkins acted as legal counsel. On the seller’s side, Raymond James advised Space NK, while Bryan Cave Leighton Paisner LLP served as legal counsel to both Manzanita Capital and Space NK.

With this acquisition, Ulta Beauty takes a bold first step into the UK market demonstrating its confidence in Space NK’s exceptional foundation while highlighting its long-term vision to become a global leader in beauty retail.