In a significant move within the beauty retail industry, Ulta Beauty has announced its acquisition of Space NK, a renowned British beauty retailer previously owned by Manzanita Capital. This acquisition was revealed on Thursday, although the financial terms of the deal remain undisclosed.

With a robust presence consisting of 83 stores across the U.K. and Ireland, Space NK will continue to operate as a separate entity under the Ulta Beauty umbrella. The existing management team, including CEO Andy Lightfoot, will remain in place, ensuring continuity in leadership and brand identity.

In a statement pertaining to the acquisition, Ulta’s CEO Kecia Steelman expressed enthusiasm about entering the U.K. market with a “successful and growing brand.” This strategic acquisition not only enhances Ulta’s international presence but also aligns with the company’s goal of expanding its offerings in a flourishing global beauty market.

Space NK has built a reputation for curating high-quality beauty products and a personalized shopping experience, making it an attractive addition to Ulta’s portfolio. As consumers increasingly seek diverse and premium beauty brands, this acquisition positions Ulta to tap into the growing demands of British and Irish clientele.