Ulta Magnificence acquires House NK to enter UK market

Manzanita Capital, which additionally owns different luxurious manufacturers similar to Diptyque, Eve Lom and Byredo, has not disclosed the monetary phrases of the sale.

Plans to enter the UK market

House NK was initially based by magnificence business veteran Nicky Kinnaird and at present has 83 luxurious curated cosmetics retail shops within the UK and Eire, in addition to an internet retailer.

In response to Ulta Magnificence’s CEO Kecia Steelman, the acquisition affords a possibility to enter the rising UK market and might be necessary within the firm’s strategic give attention to worldwide enlargement beneath its turnaround plan.

“We’re excited to enter the UK market by way of the House NK banner,” stated Steelman.

“Worldwide enlargement is an integral a part of our Ulta Magnificence Unleashed plan, and the acquisition of House NK affords a novel and strategically compelling alternative to enter the rising UK market with a profitable and rising model. Together with our initiatives in Mexico and the Center East, we’re making a broader platform for Ulta Magnificence to unlock long-term, worthwhile development,” she stated.

Earlier this yr, the US retailer raised its monetary steerage for 2025 after a powerful first quarter.

CEO and founding father of Manzanita Capital Invoice Fisher stated that House NK had been an necessary a part of Manzanita Capital for the previous 23 years and that he had “each confidence that Ulta Magnificence and this terrific administration group will take House NK to new heights.”

In the meantime House NK’s CEO Andy Lightfoot stated that the enterprise has lengthy revered Ulta Magnificence because the main specialty magnificence retailer within the US market.

“We’re energised and excited by the chance to affix Ulta Magnificence and profit from its scale, model relationships and assets to additional gasoline our mission to serve magnificence obsessed customers by experience and innovation,” he stated.