It’s been a suspiciously quiet few months in what was otherwise expected to be an active beauty M&A market. Rare Beauty, Glossier, and Makeup by Mario have engaged bankers but have yet to close any deals. Other brands, like Summer Fridays and Winky Lux, have taken in new investment from private equity, allowing the founders to take some money off the table while focusing on scaling up for a future exit. Dealmaking begets dealmaking since markets must be created, and perhaps the summer lacked a catalyzing event.
Vennette Diagrams
Rachel Strugatz
July 31, 2024
