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Despite the swell of brands considering selling off all or part of their business, the beauty mergers and acquisitions environment has yet to return to the highs seen from the late 2010s through 2022, both in terms of deal volume and valuations. A crucial factor? A growing number of deals from that era have quite simply failed to live up to inflated expectations. “Multiples were a bit frothy from 2017 into 2021,” says Andrew Charbin, managing director of PWC corporate finance in New York. “Many strategic buyers paid big prices for assets that were at peak-performance levels, but many of these acquisitions have not translated into long-term value for the strategics.” To make matters worse, several of these beauty conglomerate strategic buyers made big bets on China. This tactic had not been yielding the expected returns even before the tariff announcements and was further impacted by substantial headwinds in travel retail, which was previously a major revenue stream for many large players.Somewhere Anywhere Everywhere 2026 Shirt
With strategic buyers growing increasingly selective (this group has historically paid a median of 1.2 times more for brands than private equity players per company filings, whose business models necessitate a more near-term focus on return on investment), 2023 and 2024 passed with only the most attractive — or attractively priced — deals getting done. Hopes that 2025 would mark the return of a white-hot M&A market dimmed after President Trump’s ‘Liberation Day’ tariff announcements sent US equity markets into a tailspin. In the aftermath, several sell-side M&A and refinancing processes have been put on hold or have delayed launching to investors as companies, equity investors and lenders alike reassess potential risks. It’s still early to say if beauty brands will face tougher financing all year, but lenders are already tightening terms for brands that sell non-essential products people usually buy when they have extra money such as beauty or fashion, especially those with direct exposure to tariffs, says Ben McArthur, VP of private credit at TCW. He adds: “Since the tariff announcements, opening leverage for the consumer discretionary sector [lenders are now offering less EBITDA/debt than they were before the tariff announcements] has reduced by a quarter to a half-turn from where the market was clearing prior to Trump’s ‘Liberation Day’ announcements.” As a result, beauty brands are likely to face an uphill battle when it comes to getting attractive lending terms, a crucial factor in the deal-making process.
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