American beauty retailer, Ulta Beauty, has acquired Space NK as part of a strategy to ‘enter the growing UK market with a successful and growing brand’
In an announcement this morning Manzita Capital, current owner of the beauty retailer, confirmed its sale to Ulta Beauty. This comes after speculation over two months ago which touted that a deal would fall between £300m and £400m.
‘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.’
The retailer has 83 stores in the UK and Ireland and has carved out a strong presence online.
Under this deal, Space NK will operate as a standalone subsidiary of Ulta Beauty and will continue to be led by its existing management team, including Space NK chief executive officer Andy Lightfoot.
On the acquisition, Lightfoot said: “We have long respected Ulta Beauty as the leading specialty beauty retailer in the U.S. 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.”
The UK has a unique retail environment, enabling a diverse and eclectic range of brands to thrive. Space NK is an integral part of this landscape offering a curated experience for its loyal customer base.
On the acquisition, Jacqui Burchell, CCO of the British Beauty Council said: ‘This is an exciting move for both Space NK and Ulta Beauty, one that will undoubtedly influence the brand’s impact on high streets across the UK and Ulta’s offering in the US.
‘I hope that the acquisition will only serve to drive Space NK’s already impressive presence, sustaining its unique customer experience and product offering.’
You can read the full statement on the Financial Times website, here.
