The Best of BoF 2024: The Big Beauty M&A Year That Wasn’t

This year’s expected wave of beauty deals was somewhat subdued. Despite an influx of hot brands, including Kosas, Rare Beauty and Makeup by Mario, exploring sales processes, buyers mainly chose to sit on the sidelines.

The most notable deal of the year came in early January, when Puig acquired the luxury skincare line Dr. Barbara Sturm, helping diversify its fragrance and cosmetics-heavy portfolio. (In July, the firm held its initial public offering).

Still, a number of brands found exits. Private equity firms made acquisitions: buzzy skincare line Summer Fridays went to TSG Consumer Partners and affordable cosmetics brand Kiko Milano was snapped up by L Catterton. The nail care line Olive + June was acquired by Helen of Troy, the parent company of Hydroflask, while the Chinese distribution firm S’Young Group bought über-luxury skincare line Révive, and Australian body care maker Grown Alchemist was sold by L’Occitane Group to a handful of the brand’s executives.

Ultimately, 2024 was a buyer’s market. With so many brands in the market, conglomerates can afford to be choosy, and with such a heavy pace of acquisitions over the last decade, many companies like L’Oréal and Estée Lauder have broad portfolios already, and don’t feel the need to add more until a brand has proven runway and potential.

The brands that did find new homes — and the companies that acquired them — show where beauty’s cash-rich companies still see growth: in skincare, undoubtedly, but also in companies that offer a strong value-for-money proposition. That could be quality products at a lower price point (Kiko Milano) or allowing people to draw out the time between salon visits (Olive + June).

In 2025, there’s all to play for.

Who Is Going to Buy All These Makeup Brands?: Mario Dedivanovic’s Makeup by Mario is the latest beauty label said to be exploring an exit. But with so many lines in market and so few potential acquirers ready to pull the trigger, what are the realistic outcomes?

Puig Acquires Dr. Barbara Sturm: The Spanish beauty and fashion conglomerate has taken a majority stake in the German premium skincare brand.

Summer Fridays Announces Growth Investment From TSG Consumer Partners: The influencer-founded beauty brand, known for its hybrid skincare and makeup products, will join private equity firm TSG’s brand roster.

Olive & June To Be Acquired by Helen of Troy: Drybar owner Helen of Troy bets on DIY nail care with its acquisition of Olive & June.

L’Occitane Sells Grown Alchemist Stake to Outgoing CEO: Outgoing group CEO André Hoffmann is taking a majority stake in the brand, while Grown Alchemist CEO Anna Teal will have minority ownership.

LVMH-Backed L Catterton Agrees to Buy Majority Stake in Kiko: The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.

Bic Buys Tangle Teezer for $210 Million: The consumer goods giant is acquiring the UK hair brush firm, known for its brightly coloured, ergonomic tools, from its private equity owner.

Nail Care Brand Nails Inc Acquired by Private Equity Firm: The British nail care brand has been acquired by American private equity group Pacific World Corporation, the company announced Monday.

Vita Liberata Bought Back By Founder: Alyson Hogg, who founded the luxury tanning brand in 2003, has reacquired it from Crown Laboratories.

Luxury Skincare Line Révive Acquired by Chinese Firm S’Young Group: The doctor-founded skincare line, known for its pricey serums and creams, has been acquired by the Chinese owner of Evidens de Beauté for an undisclosed sum.