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Space NK may be up for sale.

Manzanita Capital, the family office that has owned the retailer for more than 20 years, has hired the investment bank Raymond James to handle its sale, Sky News reported earlier this week. Space NK declined to comment on the report.

Manzanita has yet to make a final decision about whether a sale will go ahead, but the business could be worth between $374 million and $500 million, according to Sky News.

Space NK was founded in 1993 by Nicky Kinnaird and now spans 76 stores throughout the UK that sell premium beauty products, as well as indie brands. The retailer is regarded as a tastemaker, and was the first to sell brands such as Nars in the British market. It currently stocks buzzy brands such as Rare Beauty, Summer Fridays and Olaplex.

In 2018, Manzanita, which also owns the fragrance brand Diptyque, explored a sale, but chose not to proceed, per the report. It has had a number of successful exits; most notably in 2022, Puig snapped up a majority stake in its fragrance brand Byredo for a reported $1 billion.

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