5 Takeaways From Beauty’s Big M&A Year

In 2025, beauty deals were dramatic and expansive as the industry kept up its momentum despite China’s decline and the uncertainty of US tariffs.

Hailey Bieber’s beauty and skincare brand Rhode was acquired by Elf Beauty for $1 billion in May , and Kering sold Kering Beauté to L’Oréal for €4 billion in October. Among the other significant deals, L’Oréal acquired Color Wow and took a majority stake in Medik8, Ulta snapped up Space NK , Unilever purchased Dr. Squatch, and Rare Beauty Brands acquired Kate Somerville.

“Scale, brand awareness, efficacy and cultural relevance continued to drive attention to the best performing brands from strategic and financial investors alike,” says Marissa Lepor, managing director at investment bank and M&A firm The Sage Group. She notes that key acqu