Makeup by Mario’s $1 Billion Question

Mario Dedivanovic created one of the most successful beauty brands in recent years—reportedly profitable, a consistent top performer at Sephora, adored by consumers, etcetera. So why hasn’t that projected $1 billion exit happened yet?

Someone familiar with Sephora’s business suggested that Makeup by Mario has “less growth levers to pull,” simply because it matured so quickly on its own—which usually is the whole point of selling to a strategic. Photo: Courtesy of Sephora

Rachel Strugatz

January 14, 2026

Join Puck to listen to this article

Of all the makeup brands that have explored sales in the past few years––Rare Beauty, Glossier, Kosas, Summer Fridays, etcetera––Makeup by Mario has almost universally been considered the market maker. The brainchild of Mario Dedivanovic, Kim Kardashian’s longtime makeup artist, the company should have been a slam-dunk acquisition by now. Since launching in late 2020, the line has solidified its place as one of Sephora’s bestselling makeup brands, consistently generating hero products and cultivating a loyal customer base. It has long been considered a unicorn in waiting, coveted by all the usual suspects.