Makeup by Mario Explores Potential Sale

Celebrity makeup artist Mario Dedivanovic’s brand, Makeup by Mario, is reportedly exploring a potential sale of the business with the assistance of investment bank J.P. Morgan.

“Over the several years since our launch, we have experienced significant growth for Makeup by Mario. I am so proud of what we have accomplished and what we will achieve in the future,” said Dedivanovic, chief executive officer and founder of Makeup by Mario, to WWD. “We will continue to drive Makeup by Mario forward both in terms of growth and innovation, and as we do so, we intend to evaluate incoming inquiries alongside our longtime advisers at J.P. Morgan.”

The brand, launched in 2020, has experienced significant growth, with revenue projected to reach between $150 million and $200 million in 2024.

Dedivanovic, whose roster of celebrity clients includes Kim Kardashian, Salma Hayek, and Jennifer Lopez, began developing Makeup by Mario in 2017, enlisting industry veteran Alicia Valencia as the global president. Valencia’s previous experience at Bobbi Brown Cosmetics and Pat McGrath Labs has been crucial to Makeup by Mario’s success. Her efforts have secured an exclusive global retail partnership with Sephora, encompassing more than 1,600 stores worldwide. On social media, the brand has amassed a large following, with nearly 14 million followers on Instagram and 1.6 million on TikTok.

The decision to explore deal options comes after Makeup by Mario received a $40 million minority investment from Provenance and Silas Capital at the beginning of 2023. This investment aimed to accelerate the expansion of the brand’s product offering at Sephora, as well as to grow its direct-to-consumer business.