Ulta’s 9.7% sales rise topped forecasts but a cautious outlook weighed on shares, as M&A activity intensified with Henkel acquiring Not Your Mother’s and L Catterton creating a Brazilian beauty retail giant. This was last week in beauty.
ULTA BEAUTY FY 25 SALES UP 9.7% BUT MISSES Q4 EARNING PROJECTIONS
For fiscal year 2025, Ulta Beauty reported net sales of $12.4 billion, a 9.7 percent increase, while fourth-quarter revenue rose 11.8 percent to $3.9 billion, topping analyst forecasts, driven by double-digit fragrance growth and strong performance in hair, skincare and makeup categories. Despite the revenue beat, quarterly earnings per share of $8.01 narrowly missed estimates, and the company’s stock dipped after forecasting modest 6-7 percent sales growth for fiscal 2026 amid cautious consumer sentiment and potential economic headwinds.
INTERCOS REPORTS HIGHER 2025 PROFIT DESPITE SLIGHT SALES DIP TO €1.05BN
Italian beauty manufacturer Intercos posted consolidated net profit of €50.1 million for 2025, up 2.6% year-over-year, even as revenues edged down 1.7% at current exchange to €1.05 billion due to unfavorable currency effects, though sales rose 0.3% at constant currency. The makeup division drove growth with a 5.7% increase led by Asia and EMEA, and the company forecasts a return to sales growth of 5-6% in 2026 supported by a recovering beauty market and record orders in late 2025.
AROMA-ZONE SALES SOARED 52% IN 2025
French essential oils and natural cosmetics specialist Aroma-Zone posted a 52% sales surge in 2025, following 56% growth in 2024 and 42% in 2023, as ready-to-use products now represent over 90% of its business. The company, majority-owned by Eurazeo since 2021, grew its customer base to 4.5 million, sold 52 million products, and plans 15 new store openings in 2026, primarily in France, as it captures market share in pharmacy and specialty retail while eyeing gradual international expansion across continental Europe and the UK.
HENKEL ACQUIRES NOT YOUR MOTHER’S TO GROW US HAIRCARE PORTFOLIO
German consumer goods giant Henkel has acquired hair care brand Not Your Mother’s and its parent company DeMert Brands from private equity firm Main Post Partners, aiming to bolster its presence in the North American beauty market. The deal, which includes the 2010-founded brand known for insight-driven innovation and digital marketing expertise, reinforces Henkel’s M&A strategy and complements its existing portfolio of Schwarzkopf, Authentic Beauty Concept, and Got2Be.
L CATTERTON CREATES BRAZILIAN BEAUTY RETAIL GIANT
L Catterton has merged two Brazilian beauty retail chains, Bel Cosméticos and Mundo do Cabeleireiro, creating what the investment firm calls the country’s “largest multi-brand beauty platform” with over 130 stores across major Brazilian states. The new entity, led by Mundo do Cabeleireiro co-founder Celso Moraes as CEO, will expand its product offering across hair care, skincare and fragrance categories while investing in e-commerce and loyalty programs, with founders of both chains remaining actively involved in leadership and governance.
QUADRIVIO TAKES MAJORITY STAKE IN HAIRCARE BRAND LES SECRETS DE LOLY
Quadrivio Group has acquired a majority stake in Les Secrets de Loly, the French hair care brand specializing in curly and textured hair, through its Made in Italy Fund II with Weinberg Capital Partners and Three Hills Capital Partners joining as minority investors. Founded in 2009 by Kelly Massol and currently led by CEO Carlota Thévenot, the brand, which has grown over 40% annually for three years and ranks as Sephora’s top-selling hair care brand, will use the investment to accelerate international expansion across Europe and the Middle East with a target of exceeding €100 million in revenue.
ROBERTET TAKES STAKE IN ITALIAN BIOTECH FIRM AETHERA BIOTECH
French natural ingredients specialist Robertet has acquired a stake in Italian biotechnology company Aethera Biotech through a joint venture investment, marking its first entry into biotech to strengthen its position in the cosmetic active ingredients market. The partnership aims to combine Aethera’s phyto-complex biotech expertise, which enables controlled natural extract production independent of climatic and agricultural constraints, with Robertet’s global commercial reach, with Aethera set to become the group’s center of excellence for future biotech developments.
BEAUTY BAY ACQUIRED BY AA INVESTMENTS GROUP
UK online beauty retailer Beauty Bay has been sold to French-owned AA Investments Group through a pre-pack administration deal after entering administration on March 6, 2026, due to financial pressures from cost inflation and weak consumer confidence. The transaction secures the transfer of 62 employees, with co-founder Arron Gabbie remaining temporarily to support the transition, as the business continues operating with its portfolio of over 200 beauty brands.
IEVA GROUP ANNOUNCES PARIS IPO TO FUEL BEAUTY TECH EXPANSION
Personalized beauty and wellness company IEVA Group has announced its IPO on Euronext Growth Paris, with trading set to begin March 31 following a global placement of 625,488 shares at €12.79 aimed at raising up to €8 million. The company, which owns brands including IOMA, My Little Paris and Atelier de Sourcil, reported 2025 sales of €43.4 million and aims to double revenue by 2028 while positioning itself as an integrated Beauty Tech platform targeting the growing personalized wellness market.
AMOREPACIFIC’S AESTURA ENTERS 680 SEPHORA STORES ACROSS EUROPE
Amorepacific is rolling out its derma skincare brand Aestura to approximately 680 Sephora brick-and-mortar locations across 17 European countries, including France, Germany, Italy and Spain, following its February online debut as part of Sephora’s K-beauty focused “Skincare Trend Story” campaign. The expansion features products for sensitive skin including the flagship Atobarrier365 Cream, which has sold over 10 million units globally and previously ranked among Sephora’s top moisturizers in the U.S. market.
PHLUR EXPANDS INTO SEPHORA EUROPE AND MEXICO
Modern fragrance brand Phlur is launching at Sephora across Mexico and Europe this spring and summer, beginning with a Mexico app preview on April 3 followed by full e-commerce and in-store availability, and a phased European rollout from late April through June. The expansion includes the brand’s Eau de Parfums, body mists and deodorants featuring cult scents like Vanilla Skin and Missing Person, building on Phlur’s rapid growth as a top fragrance brand in North America and its existing partnerships with Space NK and Selfridges.
SINGAPOREAN BEAUTY BRAND ROMI LAUNCHES AT SEPHORA HONG KONG
Singapore-based beauty brand Romi has made its international debut exclusively at Sephora Hong Kong, launching across multiple retail locations and online with a curated range of multifunctional, cruelty-free skincare products. Founded in 2022 by Yoyo Cao, Arissa Cheo and Lin Ting, the brand focuses on simplifying routines with clean formulations that bridge skincare and makeup, and plans to expand into other Asian markets including mainland China, Japan, South Korea and Thailand following the Hong Kong rollout.
SAKS TO CLOSE 15 MORE STORES AMID BANKRUPTCY RESTRUCTURING
Saks Global announced it will shutter 12 Saks Fifth Avenue and three Neiman Marcus locations as part of ongoing efforts to cut losses following its bankruptcy filing earlier this year, though the two Bergdorf Goodman stores in New York remain unaffected. The luxury retailer has secured $1 billion in bankruptcy financing and reported improved inventory flow with over 500 brands resuming shipments, releasing nearly $1.3 billion in retail receipts after resolving vendor concerns about payment.
ESTÉE LAUDER SUES FOUNDER OF JO MALONE AND ZARA
The Estée Lauder Cos. has filed a lawsuit in the U.K. against perfumer Jo Malone, her Jo Loves brand, and Zara’s parent company Inditex, alleging trademark infringement, passing off and breach of contract related to Malone’s fragrance collaborations with Zara. The suit stems from Malone’s 1999 sale of her eponymous brand to Lauder, now the global Jo Malone London business, and her subsequent use of her name in commercial ventures, which the company argues violates contractual terms and undermines the brand equity it has built over 25 years.
PHILIPPE FARNIER NAMED DEPUTY CEO OF DIOR PERFUMES AND LVMH BEAUTY
LVMH has named Philippe Farnier as deputy CEO of Parfums Christian Dior and the LVMH Beauty Division, reporting to Véronique Courtois and overseeing commercial and omnichannel activities across the group’s beauty maisons. The appointment aims to drive greater synergies and transformation within the division, leveraging Farnier’s three decades of luxury experience including previous roles at Parfums Christian Dior, Rémy Cointreau, and Yves Saint Laurent Beauté.
BELLA HADID NAMED PRADA’S FIRST GLOBAL BEAUTY AMBASSADOR
Bella Hadid has been appointed Prada’s first global beauty ambassador, fronting the March launch of Prada Touch, a new cream-to-powder blush in stackable triangle packaging priced at $42. The model and entrepreneur, who called working with Miuccia Prada a “dream job,” will help introduce the eight-shade collection exclusively on the Sephora app March 22 before rolling out to Sephora stores and pradabeauty.com later in the month.
L’ORÉAL KOREA PARTNERS WITH NAVER TO BOOST BEAUTY COMMERCE
L’Oréal Korea has formed a strategic partnership with South Korean tech platform Naver to enhance beauty commerce and digital shopping experiences by integrating L’Oréal’s portfolio across Naver Shopping and leveraging Naver’s AI technologies and media channels. The collaboration includes joint marketing campaigns, creator-commerce partnerships, improved delivery services through N Delivery, and sustainability initiatives such as refill promotions around World Refill Day.
OLIVE YOUNG OPENS FIRST US DISTRIBUTION CENTER IN CALIFORNIA
K-beauty retailer Olive Young has inaugurated its first North American distribution center in Bloomington, California, a 38,570-square-foot facility near Los Angeles that will serve as the main logistics hub for its U.S. expansion ahead of its inaugural American store opening in Pasadena this May. The center will support the company’s growing U.S. operations, assist Korean beauty brands entering the American market, including those featured in Sephora’s “K-Beauty Zone“, with customs and inventory management, with plans to potentially add an East Coast facility as demand grows.
KAYALI EXPANDS EDEN COLLECTION WITH NEW PEACH AND PEAR PERFUMES
Kayali, the fragrance brand founded by Mona Kattan, is launching Eden Sweet Peach | 35 and Eden Plush Pear | 23 on March 18, priced at $105 for 50 ml, available exclusively on its website and at Sephora. Building on the success of the Eden franchise, which industry sources estimate helped drive the brand to $200 million in global net sales in 2025, the new scents aim to create trends in the fruity-floral category while responding to strong community demand following previous hits like Eden Juicy Apple and Sparkling Lychee.
COACH TARGETS GEN Z WITH TWO NEW FRAGRANCE LAUNCHES
Coach has unveiled two spring scents: Coach Cherry fronted by Storm Reid and Coach for Men Pure Platinum Parfum featuring Omar Apollo aimed at capturing younger consumers as mass and masstige fragrance growth outpaces prestige. The parfums, priced at $100-$105 and distributed through Ulta Beauty, Macy’s, Sephora and Amazon, build on Coach’s viral success with Gen Z through accessories like the cherry bag charm and Soho sneaker.
