US beauty retail giant Ulta Beauty has acquired British premium beauty retailer Space NK, marking a significant step in its international expansion strategy. The financial terms of the deal have not been disclosed, though reports suggest the transaction could be valued at over £300 million.
The acquisition sees Ulta Beauty enter the UK market for the first time, adding to its growing list of global territories, which already includes Mexico and the Middle East. The move aligns with the retailer’s wider Ulta Beauty Unleashed plan, which aims to accelerate global growth through strategic partnerships and market entry.
Space NK, established in London in 1993 and named after founder Nicky Kinnaird, has built a strong reputation for curating luxury and cult-favourite beauty brands. Under the ownership of Manzanita Capital for the past 23 years, the retailer has steadily expanded its store portfolio and customer offering, while also investing in technology, operations and new brand launches.
Ulta confirmed that Space NK will continue to operate as a standalone subsidiary, led by its current management team, including CEO Andy Lightfoot. Speaking on the announcement, Lightfoot expressed optimism about the opportunities ahead, stating that the brand would benefit from Ulta’s scale, brand relationships, and broader resources.
As competition intensifies among beauty retailers globally, Ulta’s entry into the UK market signals a new chapter in the evolution of premium beauty retail, as brands and retailers continue to innovate and expand to meet shifting consumer demands.
