In this monthly overview, portfolio consolidation and recalibration once again define the strategic mood in global beauty and personal care. From acquisitions of distressed brands to investments in billion-dollar platforms, companies are reshaping their portfolios with a sharper focus, prioritizing scalable assets, category adjacency and long-term margin resilience over breadth for breadth’s sake.
Portfolio simplification continues to reshape legacy groups. Kind sold Avon Russia for €26.9 million, taking another step in its broader geographic restructuring and rationalization strategy. The move reinforces the Brazilian group’s ongoing effort to streamline operations and focus on core markets with greater potential after years of integration complexity.
Digital resale and youth-driven commerce are also entering a new chapter. eBay agreed to acquire Depop from Etsy for $1.2 billion. signaling renewed confidence in re-commerce and Gen Z-focused fashion markets. While not unique to beauty, the deal has clear implications for the prestige and sustainability resale segments, where re-commerce increasingly intersects with cosmetics and fragrances.
Luxury licenses remain a strategic lever for scale. L’Oréal showed interest in early access to the Gucci Beauty license, highlighting the continued importance of high-profile fashion partnerships within prestige beauty. In a competitive licensing landscape, timing and access can be decisive, especially as conglomerates seek to protect or expand their luxury portfolios.
At the more problematic end of the spectrum, opportunistic acquisitions are creating value investments. Warpaint London acquired Barry M out of administration for £1.4m, demonstrating how established brand value can be revived with more efficient cost and ownership structures. These types of transactions reflect a broader theme: strong recognition still carries value, even when financial structures fail.
The Japanese beauty is also still active in strategic repositioning. Marubeni acquired the cosmetics and skincare brand ETVOS, underscoring continued interest in positioning clean and sensitive skin within Asia’s mature but evolving beauty market. As domestic demand changes and global expansion becomes more selective, such acquisitions can provide focused growth avenues.
Divestments continue among multinational consumer goods players seeking greater focus on the category. Edgewell sold its feminine care business to Essity for $340 million, which will allow the group to optimize its portfolio and at the same time strengthen Essity’s position in personal care. Similarly, Suave Brands and Elida Beauty merged to form Evermark personal care platform, creating a combined structure designed to unlock efficiencies of scale and revitalize traditional brands under unified leadership.
Beauty and health-related over-the-counter categories are also gaining attention. Procter & Gamble acquires over-the-counter brand Wonderbellyreinforcing the convergence between wellness, over-the-counter solutions and beauty positioning. As consumers increasingly blur the line between personal care and preventative health, these acquisitions reflect strategic adjacency rather than diversification.
Private equity remains active in Asia’s changing beauty landscape. Bain submitted a binding offer to FineToday, as demand patterns across the region continue to change. The move underscores sustained investor interest in Japanese beauty platforms with strong domestic brand recognition and international growth potential.
Finally, market speculation continues to shape competitive dynamics. Henkel has been linked with a possible acquisition of Olaplex. highlighting the current appeal of high-performance, science-based hair care brands. Whether they happen or not, such discussions reinforce the enduring premium placed on brands with strong professional credibility and global distribution reach.
Taken together, this monthly summary reflects an industry deeply immersed in a strategic recalibration. Assets are being sold, merged, revived and attacked, not indiscriminately, but with intention. In 2026, beauty deals will be less about rapid expansion and more about architectural refinement: creating tighter portfolios, securing high-margin adjacencies, and positioning themselves for long-term sustainable growth.
