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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.