After a short-lived M&A slowdown at the start of the year, the beauty industry has made a dramatic U-turn in the latter half of 2025 – resulting in an acquisition frenzy with brand deals in the billions.
From Rhode’s US$1bn acquisition by e.l.f. Beauty in May, to beauty industry behemoth L’Oréal snapping up Kering’s beauty arm for a cool $4bn in October, the state of the market is being altered like never before.
And it has been a year defined by “selectivity”, Philippe Gorge, Partner at L.E.K. Consulting and Head of European Health and Beauty Practice, tells Cosmetics Business.
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