Beauty M&A was marked by a number of blockbuster deals in 2025 – from L’Oréal’s US$4bn purchase of Kering Beauté, to Rhode being snapped up by e.l.f. Beauty for $1bn – and this activity shows no signs of slowing as we head into 2026.
A number of beauty brands are already said to be on the market, from Pat McGrath Labs assets being put up for sale to Estée Lauder Companies rumoured to be looking to offload Dr. Jart+, Too Faced and Smashbox.
Fragrance and Gen Z-focused brands are looking to be the most attractive to potential buyers right now, according to experts Cosmetics Business spoke with.
Make-up, however, may be a harder sell, with legacy brands falling out of favour to more exciting challengers.
“The surge in beauty M&A headlines [last year] reflects a nuanced reset,” Nnenna Onuba, a Strategic Growth and M&A Adviser for the beauty industry, tells Cosmetics Business.
“Each brand’s story is distinct, but collectively they show a clear shift towards disciplined acquisitions.
“Buyer selectivity is at a historic high.”
Here, we round up the beauty businesses which could soon find a new home in 2026.
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