Recently, Makeup by Mario, the renowned cosmetics brand founded by celebrity makeup artist Mario Dedivanovic, is exploring new deal options as it continues its impressive growth trajectory. Industry sources project the company’s revenue to be between $150 million and $200 million for 2024. To navigate its next strategic moves, Makeup by Mario has enlisted the expertise of investment bank J.P. Morgan.
Dedivanovic, who serves as the chief executive officer of the brand, expressed pride in the company’s accomplishments since its inception. “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,” he stated. “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 quickly gained traction with consumers, significantly bolstered by Dedivanovic’s celebrity clientele, including Kim Kardashian. He began developing the brand in 2017, bringing on industry veteran Alicia Valencia as its global president. Valencia, with her extensive background working on other makeup artist-founded brands such as Bobbi Brown Cosmetics and Pat McGrath Labs, has played a critical role in executing Makeup by Mario’s retail strategies. This includes securing an exclusive global retail partnership with Sephora, expanding the brand’s presence to over 1,600 stores worldwide.
The brand has cultivated a substantial social media following, with close to 14 million followers on Instagram and 1.6 million on TikTok, further driving its popularity and consumer engagement.
The decision to explore deal options follows a $40 million minority investment from Provenance and Silas Capital at the beginning of 2023. This investment was intended to accelerate the expansion of Makeup by Mario’s product range at Sephora and enhance its direct-to-consumer business.
