When high-profile beauty industry deals are announced (ahem, rhode), they are often met with a mixed bag of controversy, conspiracy theories, and naysayers. This was not the case when Ulta Beauty announced last week it had acquired British prestige beauty retailer SpaceNK from Manzanita Capital for an undisclosed amount. Although any acquisition is a gamble, beauty industry insiders and the investment community recognize that this acquisition instantly elevates Ulta Beauty’s international aspirations, bypassing the several years it would take to grow the UK market organically.Commended for proving her “Ulta Unleashed” strategy is far more than just whiteboard jargon, Ulta Beauty President and CEO Kecia Steelman is aggressively catapulting the retailer into a significant position as an international powerhouse and a force Sephora will have no choice but to reckon with on a global scale.Financial terms of the transaction were not disclosed, but past press reports indicated that Manzanita Capital was looking for a deal between £300 million and £400 million. Last year, SpaceNK reported its annual revenue for 2024 (year ending March 25) was £196.5 million ($264.4 million), a 34% increase from £146.6 million ($197.2 million) year over year. The SpaceNK acquisition is another strategic layer of Ulta Beauty’s international growth plan, which already includes the retailer’s expansion into Mexico and the Middle East. When Steelman sat down with BeautyMatter’s co-founder and President, John Cafarelli, for a fireside chat at Future50 2025, she said, “We believe the Ulta Beauty experience can resonate globally, but we’re being very thoughtful in how we do it.