Business deals in the beauty industry are flourishing and funding is flowing as companies seek to expand their market reach, innovate, and stay competitive in a rapidly evolving landscape. Mergers and acquisitions have become a key strategy, with major conglomerates acquiring indie and niche brands to tap into new customer segments and capitalize on emerging trends like clean beauty, inclusivity, and wellness. At the same time, partnerships between beauty brands and influencers or celebrities are also common, leveraging their massive social media followings to drive brand visibility and sales.
Against this background, private equity and venture capital firms are increasingly investing in up-and-coming beauty startups, attracted by their potential for exponential growth and disruptive market impact. Meanwhile, cross-industry collaborations, such as partnerships between beauty brands and technology companies, are fueling innovation, particularly in personalized skincare and virtual try-on solutions. These deals reflect the industry’s dynamic nature and its constant push to adapt and thrive in a competitive global market.
With the foregoing in mind, here is a tracker of the most recent beauty-centric M&A and investments …
May 28, 2025 – e.l.f. Beauty to Acquire rhode in $1B Deal
e.l.f. Beauty has entered into a definitive agreement to acquire rhode, the fast-rising beauty brand founded by Hailey Bieber, in a deal valued at up to $1 billion. The transaction includes $800 million in cash and stock at closing, with an additional $200 million earnout tied to rhode’s future growth over three years. “e.l.f. Beauty found a like-minded disruptor in rhode,” said e.l.f. Chairman and CEO Tarang Amin. “rhode is a beautiful brand that we believe is ready for rocketship growth.”
Known for its high-performance, minimalist skincare philosophy, rhode has quickly become a content and commerce disruptor, generating $212 million in net sales over the past year. The brand is set to expand its DTC presence with a major retail rollout at Sephora in North America and the U.K. Bieber will take on expanded roles as Chief Creative Officer and Head of Innovation, while also serving as a Strategic Advisor to the combined companies. The acquisition strengthens e.l.f.’s portfolio with a prestige-edge brand and accelerates both companies’ global ambitions.
May 13, 2025 – Blank Beauty Raises $6M in Series A
Blank Beauty, the AI-powered beauty tech company revolutionizing customized cosmetics, has closed an oversubscribed $6 million Series A round. The funding was led by Evolution VC Partners, with strategic participation from global technology leader EPSON and nail care manufacturer Kirker Enterprises. Founded in 2016, Blank Beauty merges AI-driven color science with proprietary micro-dosing robotics to deliver made-to-order beauty products—minimizing waste and maximizing personalization. The fresh capital will accelerate the company’s growth across online and in-store experiences, strengthen its supply chain, and fuel expansion into new personal care categories.
“We believe personal care should be truly personal,” said Charles C. Brandon, CEO of Blank Beauty. “Our platform lets anyone create the exact shade or formulation they want—whether they’re expressing themselves through custom colors or matching a complex skin tone. With this round of funding, we’ll scale our online and in-store experiences, strengthen our supply chain with world-class partners, and expand into new categories.”
May 8, 2025 – Wonderskin Raises $50M in Series A
London-based cosmetics brand Wonderskin has secured a $50 million minority investment in a Series A round led by Insight Partners. The funding will fuel retail expansion and continued product innovation as the brand builds on the viral success of its Wonder Blading Lip Stain Masque, which gained widespread traction on TikTok in 2024.
“Welcoming one of the most iconic firms in growth equity speaks to the strength of our innovation, our team, and our vision,” said CEO and Co-Founder Michael Malinsky. With its own in-house lab and growing product lineup, Wonderskin aims to define the next generation of beauty.
Apr. 29, 2025 – Kult Raises $20M in Series A
Beauty tech startup Kult has raised $20 million in a Series A round led by Payal Kanodia and Aishwarya Bansal of the M3M Family Office, with participation from Venture Catalysts. Founded by Karishma Singh and Ruchika Pallavi, the platform uses AI to deliver personalized skincare recommendations, featuring a visual catalogue that showcases products on a range of Indian skin tones. With the new funding, it plans to onboard 700 premium global products and scale to 10,000 daily orders by the end of 2025.
“Kult represents the next phase of beauty—deeply personalized, tech-led, and customer-first,” said Kanodia. “The early traction from repeat users underscores the demand for a hyper-focused, data-driven platform.”
Apr. 1, 2025 – LYS Beauty Raises Series A Funding
LYS Beauty, the inclusive color cosmetics brand launched at Sephora in 2021, has received a Series A investment from private equity firm Encore Consumer Capital. While terms of the deal remain undisclosed, the funding will support operations, inventory, marketing, and expansion—including a rollout to 800 Kohl’s stores via Sephora beginning April 8.
Founded by Tisha Thompson, LYS has grown from six initial products to a lineup of around 15 SKUs, including bestselling items like the No Limits Cream Bronzer Stick and Triple Fix Blurring Skin Tint Foundation. “We’ve seen a 200% year-over-year increase in DTC sales through TikTok Shop,” said Thompson, pointing to the brand’s social commerce momentum.
Apr. 1, 2025 – Unilever Acquires Wild
Unilever has acquired sustainable personal care brand Wild, best known for its refillable deodorants, lip balms, and moisturizers, as part of a broader effort to grow its presence in the premium beauty and wellness sector. While the purchase price remains undisclosed, the deal reportedly values the UK-based startup at approximately £230 million. Launched in 2019 by entrepreneurs Charlie Bowes-Lyon and Freddy Ward, Wild saw significant growth during the pandemic and became profitable in 2023. The brand has built a strong following with its mission to reduce plastic waste in bathrooms by offering eco-conscious, design-led alternatives.
Bowes-Lyon described the acquisition as a major step forward for Wild, noting that Unilever’s global infrastructure and expertise will help accelerate growth and bring the brand’s sustainable ethos to more consumers. He also revealed ambitions to shift some manufacturing—particularly of Wild’s aluminum cases—from China to Unilever-owned facilities in the U.S.
Mar. 24, 2025 – Coty Sells Stake in SKKN by Kim to Skims
Coty Inc. has sold its 20 percent stake in SKKN by Kim to Skims, the shapewear brand co-founded by Kim Kardashian. The move, announced Friday, consolidates Kardashian’s beauty and lifestyle ventures under one umbrella. Coty originally invested in SKKN by Kim in 2020, finalizing the deal in 2021. Anna von Bayern, CEO of Kylie Cosmetics and head of Kardashian’s beauty business at Coty, expressed gratitude for the partnership and reaffirmed Coty’s commitment to its majority stake in Kylie Cosmetics, which has grown 1.5x in size over the past two years.
Feb. 18, 2025 – Huda Beauty to Sell KAYALI Fragrance Business
Huda Beauty will sell KAYALI, the fragrance business founded by Huda and Mona Kattan, the latter of whom will partner with General Atlantic, a leading global growth equity firm, “to jointly own KAYALI post-sale and to support the brand’s ambitious plans of bringing the love for scent layering to the world.” With General Atlantic’s investment, KAYALI will now operate as an independent company, the companies confirmed, noting the “the separation comes after years of developing the brand in Dubai, establishing it as a globally renowned Middle Eastern brand recognized for its marketing, social media strategies, and delicious gourmand fragrances.”
Feb. 7, 2025 – L’Oréal Takes Minority Stake in Jacquemus
L’Oréal has taken a minority stake in independent fashion brand Jacquemus and signed a “long-term, exclusive partnership” to manufacture and distribute the French fashion brand’s beauty offerings. The terms of the deal have not been disclosed. Cyril Chapuy, President of L’Oréal Luxe said, “We are thrilled to welcome JACQUEMUS and unleash together its outstanding luxury beauty potential. With its singular brand positioning, fueled by sensational creativity and social first playfulness, JACQUEMUS will perfectly complement L’Oréal Luxe’s portfolio of iconic brands and reinforce our worldwide leadership.”
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