So that big year we were promised for beauty M&A hasn’t quite shaken out as planned. Yes, Charlotte Tilbury and Puig teamed up to buy a majority stake in Dr. Barbara Sturm for about $240 million. And Helen of Troy, the publicly traded brand developer, paid $225 million (plus layered incentives) to acquire Sarah Gibson Tuttle’s Olive & June in a deal orchestrated by our girl Vennette Ho. And yes, there have also been some small to moderate transactions and a handful of private equity deals, including at Summer Fridays, Kiko Milano, and Winky Lux. But neither Rare nor Glossier nor even Makeup by Mario, all of which were exploring their exit options earlier this year, seem any closer to a liquidity event.