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The investor perspective: Merit’s clean aesthetic, growing sales and lack of reliance on trends will make it appealing to acquirers, though its ability to extend into additional categories (such as fragrance) will be thoroughly vetted by potential investors. “I think Merit’s done a great job scaling minimalist, clean-with-performance positioning, to a slightly older demographic, with a strong management team in place,” Gersten says. The brand’s concentration in Sephora, like most of the brands in this article, may read as a risk to some investors, however. “I don’t think of it that way, but some investors might.” Merit has expanded into Australia and Europe, and maximised its product portfolio with fragrance and SPF. The brand said it had made “well over” $100 million in revenue in 2024 alone.Promoted To Great Granma Flower Shirt
The brand: Founded in 2020 by celebrity makeup artist Mario Dedivanovic (whose role as Kim Kardashian’s makeup artist propelled him to stardom), Makeup by Mario offers cosmetics and tools inspired by professional artistry. With a loyal following and celebrity support, including the Kardashian-Jenner clan, the brand was projected to earn between $150 million and $200 million in 2024, according to media reports (though the company declined to confirm). Recent global expansion brought the brand to Southeast Asia, as well as further locations in Europe and the Middle East, totalling 2,100 doors worldwide. Its EMV rose 58 per cent year-on-year to over $408 million in 2024, powered by the launches of its SurrealSkin Setting Powder, SuperShine Lip Gloss and additional blush shades.
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