Is Anastasia Beverly Hills the Last Giant Makeup Deal?

Anastasia Beverly Hills’ investment from private equity firm TPG may be the last big makeup deal the beauty world sees for a while. The transaction, which sources say values the business at $3 billion, follows several other large deals in the makeup space, including L’Oréal’s acquisition of IT Cosmetics for $1.2 billion and the Estée Lauder Cos. Inc. purchase of Too Faced for $1.45 billion. According to experts, Anastasia will likely be the last of this large-scale makeup M&A era. “There’s a sense that interest has been fed,” said Andrew Charbin, director at The Sage Group. “There are many good assets in the industry, but many good color cosmetics assets of scale that are independent and actionable from an M&A standpoint? There aren’t as many because there’s been so much M&A activity.” Anastasia Soare, who founded the business in 1997 with a focus on eyebrows, told WWD that the TPG investment should help the company grow internationally and ramp up its e-commerce operations. The brand just expanded internationally with Sephora in Spain and Italy, and is expanding with Selfridges in the U.K., as well as Sephora in Russia, she said. “After that, we’ll expand in Asia,” Soare said, noting the brand has no plans to

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