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The Bullish Outlook For Beauty M&A And Bearish Prospects For Early-Stage Funding This Year

Although the number of beauty deals didn't tank in 2024—through October last year compared to 2023, investment bank Capstone Partners estimates there were 57 versus 43 transactions—a significant portion of the volume was from struggling assets and several prominent possible deals never materialized. Glossier, Rare Beauty, Makeup by Mario, Kosas, Merit …
Rachel Brown·February 13, 2025·1 min read
The 30-second read
Although the number of beauty deals didn’t tank in 2024—through October last year compared to 2023, investment bank Capstone Partners estimates there were 57 versus 43 transactions—a significant portion of the volume was from struggling assets and several prominent possible deals never materialized. Glossier, Rare Beauty, Makeup by Mario, Kosas, Merit and Jane Iredale were among the brands reportedly on the market that didn’t trade.

This year, most beauty industry observers are bullish on mergers and acquisitions as M&A activity heats up across sectors. To gain insight on where they think the market is heading, for the latest edition of our ongoing series posing questions relevant to indie beauty, we asked 15 beauty investors the following: What are three predictions for beauty M&A this year? How would you characterize the funding environment for emerging beauty brands, and what ways should they approach it?

The players

5 mentioned
Brand

Rare Beauty

Brand

Makeup by Mario

Brand

Merit

Brand

Glossier

Brand

Kosas

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