Space NK Conquers More Territory in the Hot U.K. Beauty Market

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With turnover growing at 30 percent annually, Space NK is becoming the nation's go-to retailer for premium beauty, and could be sold by Manzanita.

, which is set to add seven more stores to its U.K. retail portfolio this year, enrich its service offer and become a leader in fragrance.have been increasing by 30 percent annually for three years, and growing two-and-a-half times faster than the U.K. prestige premium market, according to Andy Lightfoot, chief executive officer ofThe new store, at 6-7 Neal Street, will open in July and span 3,152 square feet .

Given the 30 percent annual growth and bullish retail rollout strategy, there have been reports that Manzanita plans to sell Space NK, which it had first tried to do in 2018. It worked with Goldman Sachs before deciding to pull the retailer off the market. The rollout plan is part of a wider strategy to create a “seamless” omnichannel experience for the customer.

Kinnaird, who’d begun her career in real estate, wanted to create an alternative to the department store makeup counters, and to Boots, which all carried the megabrands. EBITDA, or earnings before interest, taxes, depreciation and amortization, was 6 million pounds while profit was 1.4 million pounds, compared with a loss of 621,000 pounds in the previous year.

 

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