Billionaire businessman Dennis Bastas has taken full ownership of Australian beauty brand MCoBeauty in a deal valuing the company at $1 billion, according to AFR. The acquisition strengthens his growing presence in the beauty industry, following his $60 million purchase of Nude by Nature and Makeup Cartel last year, reported by Retail Beauty.

Dennis Bastas makes bold $60 million purchase of Nude By Nature and Makeup Cartel

The deal also marks the departure of MCoBeauty founder Shelley Sullivan, who will step down as CEO after transforming the brand into a mass-market powerhouse.

Sullivan, who launched ModelCo in 2002 before founding MCoBeauty in 2020, built the brand on the concept of creating high-quality, affordable “dupes” of premium beauty products. By leveraging supermarket and pharmacy distribution, MCoBeauty quickly gained traction but also faced legal challenges, including two trademark infringement lawsuits in 2021. Despite these hurdles, Sullivan held off on selling until 2022, when Bastas’ DBG Group acquired a 50% stake.

With Bastas’ backing, MCoBeauty expanded aggressively, launching in 1,800 Kroger supermarkets in 2023 and rolling out to 1,200 Target stores earlier this year. Now on track to generate $300 million in revenue for the current financial year, the brand is preparing for further international expansion, with Europe as its next key market.

MCoBeauty launches in the US market with Kroger partnership

Industry sources estimate Bastas paid at least $500 million for the remaining stake, with MCoBeauty now set to be fully integrated into VidaCorp, DBG Group’s beauty division, alongside Nude by Nature and Makeup Cartel. The acquisition further cements Bastas’ position in the beauty sector, despite ongoing competitive tensions. British beauty giant Charlotte Tilbury recently launched a marketing campaign positioning its products as “undupable” following MCoBeauty’s US expansion, highlighting the increasing pressure premium brands face from affordable alternatives.

Under Bastas’ leadership, MCoBeauty is expected to continue its global growth trajectory, reinforcing DBG Group’s strategy of making high-quality beauty accessible to the mass market. With Sullivan stepping aside, the brand enters a new phase, backed by the resources and strategic direction of one of the industry’s most influential players.

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