As consumer confidence remained uneven and organic growth proved harder to sustain, mergers and acquisitions once again took centre stage in 2025, reshaping the global beauty and personal care landscape. From blockbuster transactions and founder exits to private equity-backed roll-ups and strategic divestments, the year underscored a clear reality: scale, speed and portfolio relevance matter more than ever.
At the top end of the market, strategic buyers and financial sponsors showed little hesitation when conviction was strong. Kimberly-Clark’s proposed US$48.7 billion acquisition of Kenvue stood out as one of the year’s most transformative announced deals, signalling a decisive bet on health, hygiene and personal care as long-term growth pillars. Sycamore Partners’ completed take-private of Walgreens Boots Alliance—backed by Stefano Pessina’s family—reflected similar confidence in restructuring legacy retail assets away from the scrutiny of public markets.
Beauty remained a prime hunting ground for private equity. CVC Capital’s acquisition of Korea’s Serin Company, maker of cult-favourite Dokdo Toner, for around US$600 million highlighted sustained global appetite for K-beauty platforms with international runway. Blackstone completed its US$590 million acquisition of South Korea’s leading salon chain Juno Hair, underlining investor confidence in scalable, service-led beauty platforms. DBG Group completed the full acquisition of MCoBeauty, valuing the Australian ‘dupe’ beauty brand at US$1 billion, while Bansk Group moved to acquire a majority stake in BYOMA, reinforcing belief in brands with strong community engagement and clear positioning.
Strategic buyers focused on sharpening portfolios and accelerating exposure to high-growth segments. L’Oréal was among the most active acquirers, signing deals to acquire Color Wow and a majority stake in Medik8, while also reshaping its brand mix through the sale of Carol’s Daughter to an independent beauty entrepreneur—returning leadership to founder Lisa Price. SalonCentric, a L’Oréal subsidiary, expanded its professional footprint with the acquisition of Concept JP’s operations in Quebec, including distribution rights for K18.
Unilever also leaned into premium, digitally native personal care. The group completed the acquisition of natural deodorant brand Wild and agreed to acquire Dr. Squatch, expanding its presence in high-margin, founder-led brands with strong DTC credentials. The moves signalled a strategic shift toward faster-growing, sustainability-led propositions with global potential.
Founder-driven brands were among the most sought-after assets of the year. e.l.f. Beauty’s US$1 billion acquisition of Rhode transformed Hailey Bieber’s skincare brand into a scaled prestige platform, while earlier in the year Bieber had explored strategic options for the business. Gail Federici evaluated a potential sale of Color Wow before the brand was ultimately acquired, highlighting continued demand for performance-led haircare assets. OSEA Malibu secured growth investment from General Atlantic to fund global expansion, as CAVU exited its stake.
Geographically, dealmaking highlighted beauty’s shifting centre of gravity. Asia featured prominently through transactions such as Goodai Global’s acquisition of Skinfood and Taekwang’s move to target Aekyung Industrial, while Africa drew strategic interest via Axian Telecom’s reported pursuit of Jumia, an e-commerce platform widely used by beauty and personal care brands.
Retail consolidation also gathered pace. Ulta Beauty completed its acquisition of Space NK, marking its formal entry into the UK market. Violet Grey expanded its luxury retail ambitions with the acquisition of The Detox Market, while Mitchell Family Office acquired Cos Bar to drive omni-channel growth. CVS Pharmacy agreed to acquire 64 Rite Aid stores and prescription files, pending court approval, strengthening its personal care retail footprint.
Not all deals reached completion. Frasers Group exited takeover talks with Revolution Beauty, leaving the UK cosmetics player to reassess its strategic options. Divestments also featured prominently, including Natura’s sale of Avon’s Central America and Dominican Republic operations to Grupo PDC, NEOS’ sale of INEOS Hygienics to SKG Capital Partners, and Edgewell’s agreement to divest its feminine care portfolio to Essity.
Taken together, 2025’s M&A activity revealed an industry increasingly comfortable with decisive action. Buyers prioritised brands with clear differentiation, loyal communities and global scalability, while sellers sought to crystallise value amid a more demanding capital environment. In a year when organic growth was harder won, dealmaking once again emerged as beauty’s fastest route to reinvention—and its clearest signal of where confidence still lies.
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