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 Hailey Bieber’s Rhode’s US$1bn acquisition by e.l.f. Beauty in May, to beauty industry behemoth L’Oréal acquiring Kering’s beauty division in October and doubling its stake in Galderma this month, 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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