Billionaire Dennis Bastas has fully acquired MCoBeauty, the cosmetics brand known for creating affordable versions of popular products, in a deal valuing the company at approximately $1 billion.
Bastas’ DBG Group initially took a 50% stake in MCoBeauty in 2022, but now owns the entire business, with the latest transaction reportedly costing at least $500 million.
Founded in 2020 by Shelley Sullivan, MCoBeauty has seen remarkable growth, with revenue forecasted to reach $300 million this year.
The brand is renowned for replicating viral beauty products at a fraction of the cost, making its mark in supermarkets and chemists.
MCoBeauty has expanded internationally, launching in 1800 Kroger stores in the US and recently in 1200 Target locations.
Sullivan, who will step down as CEO, credited DBG’s investment for accelerating MCoBeauty’s growth and enabling its entry into major global markets. As part of the transaction, Sullivan will focus on new ventures, including joining Creative Artists Agency in Los Angeles.
Source: AFR.
