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Ulta Beauty announced on Thursday that it has acquired British beauty retailer Space NK. For US-based Ulta, this acquisition represents a decisive move into the UK market, aligning with the company’s broader international growth ambitions. Financial details of the transaction remain undisclosed.
“We are excited to enter the UK market via the Space NK banner,” said Kecia Steelman, president and CEO of Ulta Beauty, in a statement. “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 established brand.”
The UK now joins Mexico and the Middle East as key international growth territories for Ulta Beauty, which has been actively pursuing global expansion under Steelman’s leadership since January 2025.
Ulta Beauty acquired Space NK — which opened as a standalone store in London in 1993 — from beauty sector specialist investor Manzanita Capital. This deal marks the end of a 23-year chapter with the London investment firm, which has previously funded other beauty brands like Byredo and Diptyque. “I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights,” said Bill Fisher, CEO and founder of Manzanita Capital, in a statement.
Ulta’s momentum has been evident in recent quarters. In Q1 2025, the company posted a 4.4 per cent year-on-year increase in net sales, reaching $2.8 billion for the quarter ended 3 May.
Strategic brand partnerships (including exclusive launches from Beyoncé’s Cecréd and Dibs Beauty) have helped Ulta differentiate itself in a crowded US market. The retailer has also invested heavily in the in-store experience, offering brand-led workshops and live events, while ramping up its marketing efforts to maintain competitiveness against rivals such as Sephora, Amazon and TikTok Shop.
Acquiring Space NK will now strengthen Ulta’s presence in a key beauty market. It follows broader retail trends, with Sephora, Flannels Beauty and Harrods’s H Beauty all expanding their UK footprints over the past year. “We look forward to working with the Space NK team to support their continued growth and success,” said Steelman.
Space NK, meanwhile, gains a deep-pocketed partner with extensive operational infrastructure, brand leverage and supply chain scale. Under CEO Andy Lightfoot, Space NK has pursued an ambitious growth strategy of its own, focusing on a hyper-local, postcode-specific retail model. The company has announced five store openings this year, including a location on Oxford Street, as well as in Birmingham and Kent, and aims to close 2025 with 10 new outposts across the UK and Ireland, bringing its total to 84. This retail strategy has translated into solid financial results: the company’s net revenue has grown from £11.8 million in 2021 to £195 million in 2024.
Space NK will continue to operate as a standalone subsidiary under Ulta Beauty, but the UK retailer stands to benefit from enhanced purchasing power, further digital capabilities and exposure to Ulta’s brand network and innovation pipeline. Ulta Beauty will gain immediate access to an established UK retail network, avoiding the risk and high cost of building one from scratch.
For both retailers, this deal will strengthen their global position against a challenging backdrop bucked by geopolitical headwinds, US tariffs, waning consumer loyalty and recession threats, while leveraging shared expertise in omnichannel retail, premium assortment curation and consumer loyalty programmes.
“We have long respected Ulta Beauty as the leading specialty beauty retailer in the US,” said Lightfoot. “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.”
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