Sales and profits up at Space NK

Luxury makeup and skincare retailer Space NK enjoyed a 6.7% boost in sales last year, with revenue increasing to £102.9m fuelled by strong retail sales and increased wholesale orders.

The company, founded by Nicky Kinnaird in Covent Garden in 1993, made a profit of almost £5m in the year ended 31 March 2018, up from £3.3m a year earlier, accounts recently filed with Companies House showed.

The business has come a long way since opening its first store in Covent Garden in the 90s. It currently operates over 60 stores in the UK and Ireland, as well as 29 outlets in the US and a concession in Bloomingdale’s.

Sale rumours have surrounded the UK brand in recent months, with Unilever tipped as a potential buyer. Space NK is currently owned by private equity group Manzanita Investments, whose investors include the Fischer family, which founded Gap.

A pioneer in the minimalist beauty approach, the brand has become a top destination for cosmetic shoppers, stocking skincare, cosmetics and fragrance from brands such as Aesop, Byredo and La Mer.

Sales and profits up at Space NK

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