Recently, Australian beauty brand MCoBeauty, widely recognized for its affordable dupes, is now fully owned by billionaire Dennis Bastas’ DBG Group. The acquisition, which values MCoBeauty at $1 billion, marks a significant milestone for the rapidly growing brand.
Founded in 2020 by Shelley Sullivan as a budget-friendly offshoot of her company ModelCo, MCoBeauty initially sold a 50 percent stake to DBG in 2022. Since then, the brand has experienced exponential growth, reporting $63 million in sales in 2023—an 241 percent increase from its $18.5 million in sales the previous year.
In 2024, MCoBeauty expanded into the U.S. market through Kroger’s Family of Stores, entering approximately 1,850 locations, followed by a launch at Target. “We are still a baby in the U.S., but we’re very ahead of our growth curve,” said MCoBeauty’s chief marketing officer Meridith Rojas in an interview with media last year. “We’re growing extraordinarily fast… leaning into dupe culture.”
DBG Group, which also owns beauty brands Nude by Nature and ESMI Skin Minerals, has not disclosed further details about the transaction. A representative for MCoBeauty did not immediately respond to requests for comment.
