In History: Space NK, a timeline of a beauty retail trailblazer
Major news emerged this week that Space NK has been acquired by US giant Ulta Beauty from its owner, Manzanita Capital.
It comes after Manzanita Capital launched a formal sale process for the British beauty chain in May and follows robust trading for the beauty business as it continues to strategically invest in its online and in-store experiences, positioning itself as a more premium retailer than the likes of Boots, Superdrug and Sephora in the UK.
TheIndustry.beauty has taken an in-depth look at Space NK's milestone moments over the years following this latest news.
Founded by Nicky Kinnaird in 1991, Space NK first opened its doors in Covent Garden in 1993, selling fresh smoothies, independent fashion labels, and hard-to-find beauty products from emerging international brands such as Diptyque, By Terry and NARS.
Shortly after this, in 1996, Kinnaird decided to focus solely on beauty, handpicking the curated assortment herself and launching a mail order service that same year to strengthen the retailer's reach.
The business quickly earned a reputation for its portfolio of brands and products before being snapped up by Manzanita in 2002 to accelerate its growth even further, with Kinnaird remaining close to the business.
As it continued to bolster its store footprint, the retailer opened another flagship store at Duke of York Square in London in 2003 and launched online in 2004, catering to the growing interest in e-commerce.
It then set its sights on international expansion, landing in New York City in 2007 and launching its online retail offer in the region in 2008. Space NK's US expansion was further strengthened by a partnership with department store chain Bloomingdale's, with concession-style spaces opened in its stores, as well as a deal with QVC.
Fast forward to 2014 and Kinnaird decided to depart Space NK after almost 21 years to establish her own brand consultancy. As part of this, she continued to consult for the retailer, amongst other brands.
Four years later, Manzanita was then said to be considering parting ways with the business. At the time, Unilever was rumoured to be interested in buying it. However, a deal never materialised and Space NK continued on its retail journey with the firm, appointing Andy Lightfoot as CEO in 2019, a role he remains in today.
Lightfoot set out to "demonstrate Space NK as a leading omnichannel and customer-centric retailer", targeting further online and in-store growth across the UK and US. "Retail is increasingly competitive, but we are bucking the trend of the high street ready for next stage of growth," he said at the time.
As part of this growth strategy, in 2020, the beauty giant decided to close all its US stores to focus on its wholesale business in the region, which included partnerships with department stores Bloomingdale’s and Nordstrom, as well as Walmart two years later.
However, the retailer continued to invest in its store portfolio across the UK, underscoring its confidence in the high street’s recovery post-pandemic as consumers returned to in-person shopping.
Space NK opened its first-ever double-level store in Covent Garden in June 2022, spanning 2,000 sq ft and offering a larger edit of beauty brands than ever before.
Following this, the retailer then opened an upsized unit at Westfield London in 2023, marking its largest store to date. Spanning 2,500 sq ft, the space heavily focuses on customer needs. It came as Sephora landed in the UK and Boots revamped its beauty hall at the shopping centre as the battle of the UK beauty businesses heated up.
Several additional store openings have followed, including the retailer’s city debut at Liverpool ONE, a new location in Edinburgh, and flagship stores in Manchester and Birmingham, among others.
It also recently confirmed the opening of a new flagship at London's Oxford Circus next month, introducing a new beauty experience concept to meet the wants and needs of its customers. The flagship will feature a selection of new brands, exclusive product launches and familiar favourites, allowing customers to explore the "very best of beauty" following its opening on 8 August.
As Space NK continues to invest in its stores, operations, technology, and customer acquisition, the company stated that its growth-focused strategy is now delivering tangible returns.
Last year, it reported a 34% increase in annual turnover to £196.5 million for the year ending 25 March 2024, helped by the continued investment in its store estate. Space NK saw store sales rise by 24%, while online sales increased by 35% during the year.
Manzanita Capital later revived its plans for a sale in May 2025, formally launching the process after appointing bankers at Raymond James in April 2024 to oversee an auction of the British beauty retailer. The new owner? Ulta Beauty, which confirmed its acquisition of Space NK this week. While the exact purchase price has not been disclosed, one source suggested the deal is likely valued at over £300 million.
Consumer and retail trend analyst Wizz Selvey believes that the recent success of Space NK offers an attractive opportunity for both Manzanita and Ulta Beauty.
"Space NK has repositioned itself in the last four years as a market leader in beauty in my opinion. Beauty retail has had a number of changes and become more competitive than ever so I doubt it’s been an easy transition but they’ve come out on top," she told TheIndustry.beauty.
"It has a strong omnichannel experience across digital, plus its stores and loyalty scheme are well established. The retailer has worked hard to secure exclusive brands and product launches and create experiences for customers from events to well curated beauty boxes.
"Space NK’s sales and profit have soared so it makes sense for Manzanita to sell the company when it’s on a high."
Timeline: A brief history of Space NK's milestones
1991 - Space NK is established by Nicky Kinnaird.
1993 - Space NK opens its first store in Covent Garden.
1996 - The British retailer shifts its focus solely on beauty, also launching a mail order service to strengthen its UK reach.
2002 - Space NK is acquired by Manzanita Capital.
2004 - SpaceNK.com launches for the first time.
2007 - The business expands into the US with a store in New York City. A partnership with Bloomingdale's followed shortly after.
2008 - SpaceNK.com launches in the US.
2014 - Nicky Kinnaird departs the business.
2018 - Manzanita considers sale of Space NK, with Unilever rumoured as an interested party. A deal never materialised.
2019 - Andy Lightfoot is named as CEO as the business focusses on its strategy to elevate its online and in-store experiences.
2020 - Space NK closes its US stores to focus on its wholesale business in the region with Bloomingdale’s and Nordstrom.
2022 - Space NK launches at Walmart across the US and opened its first-ever double-level store in London's Covent Garden.
2023 - The retailer opens its largest store to date at Westfield London, alongside a number of other nationwide openings.
April 2024 - Manzanita Capital explores potential sale of Space NK, appointing investment bankers to oversee an auction process, which failed to materialise.
June 2024 - Space NK offloads its US wholesale division to global distribution platform PCA Companies for an undisclosed sum. PCA said that although the platform will be renamed in the US, it does not plan to touch the existing brand matrix or retail partnerships.
March 2025 - Space NK selects Birmingham for its largest store outside of London, marking a major step in the retailer's continued expansion. It also confirms the opening of a new flagship at London's Oxford Circus, set to open in August 2025.
May 2025 - Manzanita Capital launches a formal sale process for the beauty chain, with the deal expected to fetch between £300 million and £400 million.
July 2025 - Ulta Beauty acquires Space NK from Manzanita Capital.
