As companies merge, investments from new owners often fuel innovation. These new deals and partnerships are contributing to overall growth and helping the beauty and packaging industries prosper.

Whether you’re a brand owner, packaging supplier, or ingredient manufacturer, or work with these companies, keeping up with the latest mergers and acquisitions in the beauty industry can be a challenge. It’s also confusing to remember which beauty brands each company owns. We’re here to help. 

Keep up with ‘who-owns-who’ by bookmarking this story to check often for updates.

Related: Mergers & Acquisitions in the Beauty Industry in 2025

Beauty Brands M&A

LVMH Sells DFS Greater China

DFS, a global leader in luxury travel retail owned by LVMH, as well as DFS’s co-founder and shareholder, Robert Miller, and CTG Duty-Free, a prominent travel retail operator headquartered in Beijing, announced a definitive agreement. CTG Duty-Free will acquire DFS’s travel retail business in Hong Kong and Macau and intangible assets in Greater China.

Kimberly-Clark Acquires Kenvue

Kimberly-Clark Corporation and Kenvue Inc. shareholders voted overwhelmingly to approve all of the proposals necessary for Kimberly-Clark to complete its acquisition of Kenvue. The transaction is expected to close in the second half of 2026, subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions.

RoundTable Invests in Colorescience

RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, announced a partnership and investment in Colorescience. Colorescience is known for mineral-based, clinically validated products that deliver broad-spectrum protection with cosmetically elegant finishes. 

Estee Lauder Acquires Forest Essentials

The Estée Lauder Companies (ELC) has agreed to acquire the remaining interests in Forest Essentials, the Indian beauty brand grounded in the science of modern Luxurious Ayurveda. Building on a trusted 18-year partnership, this milestone celebrates ELC’s long-term commitment to nurturing and growing this extraordinary Indian brand and to expanding its global consumer reach. 

Skyline Beauty Group Buys LilyAna Naturals

Skyline Beauty Group has acquired LilyAna Naturals, a fast-growing skincare brand recognized for its best-selling retinol treatments and powerful e-commerce footprint. Since launching in 2014, LilyAna Naturals has earned a reputation for naturally derived, cruelty-free skincare solutions that combine performance with simplicity. 

Advent Acquires Salt & Stone

Advent will acquire a majority stake in Salt & Stone, the Los Angeles-based, high-performance body care brand. Advent will help Salt & Stone grow faster and strengthen its presence across direct-to-consumer and premium retail channels worldwide.

Henkel Buys Olaplex

Henkel has entered a definitive agreement to buy Olaplex for $1.4 billion to expand its “presence in premium hair care.” The deal is also said to “unlock new avenues for innovation” through advanced technology, expanded capabilities, and accelerated product development.

Henkel Acquires Not Your Mothers

Henkel completed its acquisition of “Not Your Mother’s” (NYM), a hair care and styling consumer brand in North America. With their shared values and passion for consumers, the combined organization will cultivate a collection of on-trend consumer brands and drive growth as part of Henkel’s portfolio.

The acquisition represents another important step in Henkel’s purposeful growth agenda and will further complement the company’s capabilities in the hair business, one of its core Consumer Brands categories.

Maesa Sells Anomaly to Reliance Retail

Maesa announced the sale of Anomaly, the clean, vegan, high-performance haircare brand founded with Priyanka Chopra Jonas, to Reliance Retail. Launched in 2021 in partnership with Maesa, Anomaly has since built an international presence. 

SK Capital Sells Phoenix Flavors & Fragrances to Turpaz Industries

Phoenix Flavors & Fragrances joins Turpaz Industries expanding portfolio of companies serving the flavors and fragrances market, strengthening its North American presence and enhancing its global capabilities. Phoenix, headquartered in Norwood, NJ, develops and manufactures customized flavor and fragrance solutions for customers across food & beverage, personal care, and industrial applications.

Suppliers M&A

ProSys Buys Pendergraph

ProSys Fill LLC. has purchased Pendergraph Machines. The acquisition of Pendergraph Machines is designed to promote growth by leveraging the strengths of ProSys and Pendergraph.

Prime Matter Labs Acquires Mana Products

Monogram Capital-backed Prime Matter Labs has acquired makeup contract manufacturer Mana Products from Traub Capital. Mana Products furloughed employees and explored sale options before shutting down operations, according to sources.

Cosmogen Acquires Asquan

Cosmogen has acquired Asquan. Cosmogen’s acquisition of Asquan gives rise to Cosmogen & Asquan Group, a new international group capable of supporting brands, both established and emerging, with agility across all their packaging needs. 

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