Ulta Beauty has acquired UK high street beauty chain Space NK.
The US beauty retailer has struck a deal with Manzanita Capital, the owner of Space NK, with sources close to Ulta Beauty placing the cost of the acquisition to be more than £300m.
“We are excited to enter the UK market via the Space NK banner,” said Kecia Steelman, President and CEO of Ulta Beauty.
“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.”
Goldman Sachs is serving as the exclusive financial advisor to Ulta Beauty, and law firm Latham & Watkins is serving as legal counsel.
Space NK CEO Andy Lightfoot: “We have long respected Ulta Beauty as the leading specialty beauty retailer in the US.
“We are energised 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.”
Manzanita Capital, which has owned the high street beauty chain since 2002, began to receive prospective bids from buyers in May.
The investment company was reportedly looking for an “attractive offer” for Space NK, with the deal being expected to fall between £300m and £400m at the time.
Investment bank Raymond James has allegedly been handling the potential auction after being brought on in 2024, according to Sky News.
Manzanita Capital also owns Diptyque and luxury fragrance brand D.S. & Durga.
The retailer, which was founded by Nicky Kinnaird in 1993, previously explored a sale in 2018, hiring Goldman Sachs to oversee the process.
Space NK has been undertaking a rapid store expansion in recent years and has opened three new UK stores in 2025.
This included a new site at Bluewater Shopping Centre in April, as well as openings at Chelmsford and Leicester’s Highcross shopping centre.
Alongside these new openings, the retailer expanded its existing Glasgow store in March, increasing the trading space from 1,400sqft to 2,125sqft.
It also announced a new store in Birmingham to open later this summer.
Space NK is also debuting a new London, UK, flagship in August, located in the heart of London’s shopping destination Oxford Street.