Shelley Sullivan, founder of MCoBeauty, has sold her 50 per cent remaining share in the business to DBG Health’s Dennis Bastas, in a deal that values the company at $1 billion.
Bastas’ DBG Group took a 50 per cent stake in the business in 2022 at a much lower valuation. The billionaire businessman, who made his fortune in pharmaceuticals, will take full control of the company with his latest transaction.
While the price has not been disclosed, people briefed on the deal say DBG paid at least $500 million, reported The Australian Financial Review.
Started in 2020 by Sullivan, MCoBeauty replicates, or dupes, big-name cosmetics products and sells them at affordable prices, turning it into Australia’s top-selling beauty brand.
As part of the deal, Sullivan stepped down as CEO of MCoBeauty on February 7th, 2025. She will be joining top Los Angeles talent agency, Creative Artists Agency, on its roster.
"DBG let us run the business the way I wanted to run it – fast-paced, entrepreneurial," said Sullivan. "Eighteen months later, I’m ready to leave. I’m very proud of the brand I’ve built."
MCoBeauty will become part of VidaCorp, the beauty arm of DBG Health. Other companies that are part of the portfolio include Nude by Nature and Makeup Cartel, purchased by Bastas last year for about $60 million.
Image credit: MCoBeauty
