His optimistic perspective on the brand comes in the context of a beauty industry awash in color cosmetics players searching for elusive exits. Makeup by Mario, Merit, One/Size, Rare Beauty and Kosas are among those that haven’t found a buyer so far, not to mention the swelling ranks of possible divestitures, with Smashbox, Too Faced, Make Up For Ever and Coty’s mass-market portfolio containing CoverGirl, Rimmel London, Sally Hansen and Max Factor looking to be rehomed.

Violette_FR isn’t the only prestige makeup brand considered a sounder strategic candidate attracting continued financing from existing investors. Earlier this year, Westman Atelier raised $15 million from existing investors Prelude Growth Partners and Imaginary Ventures as, according to Axios, its sale process reportedly went quiet.

The reasons for makeup’s mergers-and-acquisitions quagmire are numerous, but Seglin argues many potential acquirers question whether some of the brands currently on the market can outlast the trends driving their momentum. By contrast, he suggests Violette_FR is less dependent on fleeting beauty trends.

Referring to Serrat, Seglin says, “She’s doing a really good job building a brand for forever.”

Another reason for the limited M&A activity in makeup is that buyers have stayed on the sidelines as growth in the category has been relatively sluggish. Market research firm Circana estimates that, in the first quarter, prestige makeup sales gained 2% compared to 10% growth for prestige haircare and 7% growth for both prestige skincare and fragrance.

The conventional wisdom in beauty is that the industry cycles between periods dominated by makeup and periods dominated by skincare. Investors in Violette_FR are betting that makeup will eventually swing back into favor, creating a more welcoming environment for exits. However, Larissa Jensen, SVP and global beauty industry advisor at Circana, posits the conventional wisdom may no longer hold. Still, she emphasizes that specific makeup brands can pop despite the category’s broader malaise.

“What we’ve seen over the last few years is that there aren’t really cycles,” says Jensen. “Makeup has consistently underperformed skincare for several years.” She adds, “Really what we are seeing now is more of an opportunity for brands. Even in a softer category, you can still see that there can be significant success for different brands.”

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