Ulta Beauty strengthens portfolio with acquisition of Space NK from Manzanita Capital 

UK – Ulta Beauty has officially expanded its global footprint with the acquisition of British beauty retailer Space NK, marking a strategic entry into the UK market. 

The deal, funded through Ulta’s existing cash reserves and credit facility, positions Space NK as a standalone subsidiary under Ulta’s portfolio, retaining its current leadership team led by CEO Andy Lightfoot. 

This move offers Ulta a ready-made platform to accelerate international growth since Space NK has 83 stores across the UK and Ireland and a reputation for curating premium, niche beauty brands.

Previously, Space  Nk was acquired by Manzanita Capital for 23 years. 

Kecia Steelman, president and chief executive officer of Ulta Beauty, stated, “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.”

Meanwhile, Space NK hd recently announced its plans open a new flagship store at 214 Oxford Circus, London, after consistently outperforming the market.

According to the company, this flagship store is set to span 4,600 square feet and is designed to offer a unique and immersive shopping experience for beauty enthusiasts.

The new Space NK store will feature a PlaySpace, a dedicated beauty experience area where customers can explore and experiment with products. 

In addition, it will also have a Fragrance Bar and dedicated sections for high-demand categories like lip balms and body sprays.

Meanwhile, Ulta Beauty has announced its expansion into the Middle East with the opening of a new store in Dubai, marking a significant milestone in the company’s international growth strategy. 

The new location, set to open by the end of 2025 in the prestigious Mall of the Emirates, will be Ulta Beauty’s first flagship store in the region.

This launch in Dubai is scheduled to follow the opening of its initial Middle Eastern store in Kuwait’s The Avenues, marking the brand’s commitment to establishing a strong presence across the Gulf Cooperation Council (GCC) countries.

This expansion is being facilitated through a strategic franchise partnership with the Alshaya Group, a leading retail operator in the Middle East known for managing numerous international brands.

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