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Makeup by Mario is the latest brand to mull a sale

Chloe Burney
18 June 2024

Makeup by Mario, the cosmetics brand founded by Kim Kardashian's personal makeup artist Mario Dedivanovic, has hired investment bank J.P. Morgan to consider deal options.

“Over the several years since our launch we have experienced significant growth for Makeup by Mario. I am so proud of what we have accomplished and what we will achieve in the future,” Dedivanovic, CEO and Founder of Makeup by Mario, told WWD.

He added: “We will continue to drive Makeup by Mario forward both in terms of growth and innovation, and as we do so, we intend to evaluate incoming inquiries alongside our longtime advisers at J.P. Morgan.”

Dedivanovic began developing the brand back in 2017, later launching in 2020. The company, which is available as Sephora, is on track to generate revenues between $150 million and $200 million in 2024, according to industry sources.

The move to explore deal options comes after the cosmetics brand received a $40 million minority investment from Provenance and Silas Capital in early 2023. The investment enabled the brand to further accelerate the expansion of its product assortment at Sephora and grow its direct-to-consumer business.

As the beauty category rebounds from covid turmoil, there has been a surge in mergers and acquisitions. Earlier this year, it was revealed that Glossier and Merit Beauty were exploring their options. Glossier hired Morgan Stanley to consider its options, including an initial public offering (IPO). Meanwhile, Merit Beauty is understood to have recruited Goldman Sachs as it mulls a potential sale.

Other makeup brands exploring deals include Selena Gomez's Rare Beauty, which considering a sale or an IPO. Kosas Cosmetics was understood to be mulling a potential sale earlier this year. The skincare-infused makeup brand was said to have hired investment bank North Point to explore sale options.

The potential deals come after a number of recent acquisitions across the beauty industry, including D.S. & Durga by Manzanita Capital, Dr. Barbara Sturm by Puig, This Works by Inspirit Capital, Dr. Dennis Gross by Shiseido Company and The Body Shop by Aurelius.

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