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Makeup by Mario has hired J.P. Morgan to explore its deal options.
Sources close to the company previously confirmed to The Business of Beauty that the brand would likely explore a sale in the second half of 2024. The brand’s estimated retail sales for 2023 reached $225 million, and it is expected to reach $300 million this year. Its last funding round in 2023 valued the brand at over $200 million. Subsequent launches such as the expansion of its SurrealSkin complexion franchise and new eyeshadow palettes have bolstered its relevance.
Founded in 2020 by celebrity makeup artist Mario Dedivanovic, best known for his work with Kim Kardashian, the line has won fans for leading with artistry, not his A-list clientele.
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