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Beauty

The Best of BoF 2025: Conglomerates, Controversy and Consolidation

The beauty industry’s M&A machine roared back into action in 2025, with no shortage of blockbuster sales and surprise consolidation. It was also a year with no shortage of flashpoint moments or controversial characters, reflecting the wider fractious social media and political climate.
Bollywood star Katrina Kaif (center right) co-founded Kay Beauty as a joint venture with retailer Nykaa in 2019.
(Kay Beauty)
By
BoF PROFESSIONAL

The beauty industry had some seismic shocks in 2025.Surprises sales, including E.l.f. Beauty’s $1 billion acquisition of Rhode and L’Oréal absorbing all of Kering’s beauty portfolio for $4.7 billion, dominated the headlines. But beneath this wave of consolidation, more profound changes were afoot.

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