According to reports by WWD, Makeup by Mario is the latest brand exploring a potential sale.
Mario Dedivanovic, the brand's founder and CEO, is reportedly working with investment bank, J.P. Morgan to consider its options.
"Over the several years since our launch we have experienced significant growth for Makeup by Mario," Dedivanovic told WWD.
"I am so proud of what we have accomplished and what we will achieve in the future."
"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 move to explore deal options comes after Makeup by Mario received a $40 million minority investment from Provenance and Silas Capital at the beginning of 2023.
At the time, the investment was designed to enable the brand to further accelerate the expansion of its product assortment at Sephora in North America and abroad and grow its direct-to-consumer business.
Dedivanovic launched the brand in 2020, and has gone from strength to strength, with revenue on track to be between $150 million and $200 million in 2024, according to WWD's industry sources.
Makeup by Mario is available to shop via Sephora Australia, here.
BD will keep you updated on this developing story.
Image credit: STEFANIE KEENAN/GETTY IMAGES
