Ulta Beauty ($ULTA) has made a significant move into the British market by acquiring the well-known retail chain Space NK. Founded by beauty industry veteran Nicky Kinnaird, Space NK operates 83 stores across the UK and Ireland, offering a diverse range of premium beauty and perfume brands both in-store and online.
Details surrounding the financial terms of the acquisition have not been disclosed. However, Ulta Beauty CEO Kecia Steelman emphasized that this acquisition aligns with the company’s strategy for international expansion as part of its turnaround plan. The deal was first reported by Sky News on Thursday.
While the specific purchase price remains unclear, sources suggest that the deal is valued at over 300 million pounds (approximately $408.2 million). Ulta Beauty financed the acquisition using available cash and existing credit facilities, acquiring Space NK from private investment firm Manzanita Capital.
Earlier this year, Ulta Beauty raised its annual profit target, driven by strong demand among younger consumers for affordable beauty and skincare products. This move further solidifies Ulta's position in the international beauty market.
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