TLDR: Ulta Beauty has announced its acquisition of British beauty retailer Space NK, marking a significant entry into the UK market. The deal, whose financial terms were not disclosed, is a key part of Ulta’s broader international expansion strategy, which also includes initiatives in Mexico and the Middle East. Space NK will continue to operate as a standalone subsidiary under its current CEO, Andy Lightfoot.
Ulta Beauty, the leading specialty beauty retailer in the U.S., has officially announced its acquisition of Space NK, a prominent British beauty retailer, in a move that signals Ulta’s strategic entry into the lucrative UK market. The acquisition, confirmed on July 11, 2025, represents a pivotal step in Ulta Beauty’s ambitious international growth roadmap.
While the financial terms of the transaction were not disclosed, earlier reports had suggested a valuation potentially exceeding £300 million. Ulta Beauty confirmed that the acquisition was funded through its existing cash reserves and credit facility, and it is not anticipated to have a material impact on the company’s current fiscal year performance or capital allocation plans, including share repurchases.
Space NK, founded in 1993, has established itself as a curator of premium and innovative beauty brands, operating 83 stores across the UK and Ireland. The company has demonstrated robust financial performance, with its pre-tax profit jumping from £1.5 million to £7.5 million and turnover increasing by 34% to £196.5 million in the year ending March 2024.
Under the terms of the acquisition, Space NK will continue to operate as a standalone subsidiary, retaining its existing management team led by CEO Andy Lightfoot. Lightfoot expressed enthusiasm about the partnership, stating, ‘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.’
Kecia Steelman, CEO of Ulta Beauty, underscored the strategic importance of the acquisition. ‘The acquisition offers a unique and strategically compelling opportunity to enter the growing UK market with a successful and growing brand,’ Steelman commented. She further elaborated on the company’s broader vision, adding, ‘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.’ Steelman also praised Space NK’s management, noting, ‘Space NK’s management team, with the backing of Manzanita Capital, has done an excellent job building a differentiated beauty experience that inspires consumers through tailored product mixes. We look forward to working with the Space NK team to support their continued growth and success.’
Manzanita Capital, the beauty sector specialist investor that owned Space NK for over two decades, expressed confidence in the future of the brand under Ulta Beauty’s ownership. Bill Fisher, CEO and founder of Manzanita Capital, remarked, ‘Space NK has been an important part of Manzanita Capital for the past 23 years… I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights.’
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The UK represents the sixth-largest beauty market globally, presenting a significant growth opportunity for Ulta Beauty. The acquisition is expected to bring synergies, particularly in terms of brand exposure and leveraging Space NK’s expertise in luxury offerings. Goldman Sachs served as the exclusive financial advisor to Ulta Beauty, with Latham & Watkins acting as legal counsel for the transaction.
