Space NK has sold its US division to beauty distribution firm PCA Companies.
The deal includes all its systems, concepts, employees and nearly 600 points of sale in the US, including in department stores such as Nordstrom and Bloomingdale’s, as well as a shop-in-shop partnership with Walmart.
Space NK chief executive Andy Lightfoot said: “Three years ago, we pivoted the US business to focus solely on high-service wholesale with a clear vision of providing brands the structure and support to achieve success in the US retail landscape.
He said the retailer was growing fast but wasn’t able make the most of the opportunities in the US market and with the two businesses becoming more distinct, it made commercial sense, WWD reported.
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“Now backed by scale and mature systems we have total confidence that this partnership will benefit all of our retail and brand partners in achieving that goal,” Lightfoot added.
PCA Companies CEO Piyush Golia said the firm was a “solution provider” that would help further grow the brands sold under Space NK.
It will rename the business, but does not intend to alter its current brand or retail partnerships.
The offloading of its US arm comes amid reports Space NK owner Manzanita Capital has hired bankers to sell the beauty chain, which is expected to fetch more than £300m.
Manzanita is understood not yet to have made a firm decision on the timing of the sale of premium beauty retailer, or whether to sell a minority stake or controlling interest in the retailer.
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