As consumer confidence remained uneven and organic growth proved more difficult to sustain, mergers and acquisitions took center stage again in 2025, reshaping the global beauty and personal care landscape. From blockbuster transactions and founder exits to private equity-backed mergers and strategic divestitures, the year underscored a clear reality: Portfolio scale, speed and 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 $48.7 billion acquisition of Kenvue stood out as one of the most transformative announced deals of the year, signaling a decisive commitment to health, hygiene and personal care as pillars of long-term growth. The privatization of Walgreens Boots Alliance by Sycamore Partners, backed by Stefano Pessina’s family, reflected a similar confidence in restructuring legacy retail assets away from the scrutiny of public markets.
Beauty continued to be a privileged hunting ground for private capital. The acquisition by CVC Capital of the Korean Serin Company, manufacturer of the cult product Dokdo Toner, for around $600 million highlighted the sustained global appetite for K-beauty platforms with international catwalks. Blackstone completed the $590 million acquisition of South Korea’s leading salon chain Juno Hair, underscoring investors’ confidence in scalable, service-based beauty platforms. DBG Group has completed its full acquisition of MCoBeauty, valuing the ‘duped’ Australian beauty brand at $1 billion, while Bansk Group has moved to acquire a majority stake in BYOMA, reinforcing belief in brands with strong community commitment and clear positioning.
Strategic buyers focused on refining 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 by selling Carol’s Daughter to an independent beauty entrepreneur, returning leadership to founder Lisa Price. SalonCentric, a subsidiary of L’Oréal, expanded its professional presence with the acquisition of Concept JP’s operations in Quebec, including distribution rights to K18.
Unilever also leaned into premium, digital-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 brands led by its founders with strong DTC credentials. The measures signaled a strategic shift towards faster-growing propositions, driven by sustainability and with global potential.
Founder-driven brands were among the most sought-after assets of the year. elf Beauty’s $1 billion acquisition of Rhode transformed Hailey Bieber’s skincare brand into a full-scale prestige platform, while earlier in the year Bieber had explored strategic options for the business. Gail Federici assessed a potential sale of Color Wow before the brand was eventually acquired, highlighting the continued demand for performance-oriented hair care actives. OSEA Malibu secured a growth investment from General Atlantic to fund global expansion, as CAVU exited its stake.
Geographically, the agreements highlighted beauty’s shifting center of gravity. Asia featured prominently through deals such as Goodai Global’s acquisition of Skinfood and Taekwang’s move to target Aekyung Industrial, while Africa attracted strategic interest through Axian Telecom’s reported pursuit of Jumia, an e-commerce platform widely used by beauty and personal care brands.
Retail consolidation also accelerated. Ulta Beauty has completed its acquisition of Space NK, marking its formal entry into the UK market. Violet Gray expanded its luxury retail ambitions with the acquisition of The Detox Market, while Mitchell Family Office acquired Cos Bar to drive omnichannel growth. CVS Pharmacy agreed to acquire 64 Rite Aid stores and prescription archives, pending court approval, strengthening its personal care retail presence.
Not all deals were completed. Frasers Group has abandoned acquisition talks with Revolution Beauty, leaving the UK cosmetics player to reassess its strategic options. Divestitures also featured prominently, including Natura’s sale of Avon’s operations in Central America and the Dominican Republic to PDC Group, INEOS Hygienics’ sale of NEOS to SKG Capital Partners, and Edgewell’s agreement to sell its feminine care portfolio to Essity.
Taken together, 2025 M&A activity revealed an industry increasingly comfortable with taking decisive action. Buyers prioritized brands with clear differentiation, loyal communities and global scalability, while sellers sought to crystallize value amid a more demanding capital environment. In a year when organic growth was harder to achieve, deals emerged once again as beauty’s fastest route to reinvention and its clearest sign of where confidence still lies.
