Australian dupes unicorn MCoBeauty seems to crack | Australian Markets
An Australian-founded cosmetics business trying to break the US market with the help of web darling Campbell ‘Pookie’ Puckett has been snapped up by a prescription drugs billionaire.
MCoBeauty was launched by entrepreneur Shelley Sullivan 5 years in the past and has discovered success promoting a vary of “luxe for less” make-up or “dupes” as they’ve turn into identified, of well-known cosmetics merchandise.
The strategy — common with customers who’re on the lookout for cheaper variations of coveted and sometimes costly foundations, bronzers, blushes and mascara — has confirmed a financial success.
Towards the backdrop of a booming magnificence industry and cost-conscious buyers, MCOBeauty’s turnover has grown from $10 million in 2020 to $250 million within the space of 4 years.
After buying 50 per cent of the MCoBeauty in 2022, a subsidiary of non-public prescription drugs business DBG Well being confirmed it had purchased the remaining half of the enterprise on Friday.
Founder Shelley Sullivan mentioned it was “deeply rewarding” to know she had constructed a model that resonated with right this moment’s shopper and was the fruits of “30 years hard work in the industry”.
“When I founded MCoBeauty five years ago, the vision of surpassing global giants to become Australia’s leading cosmetics brand felt like an ambitious dream,” she mentioned.
“I was told that it couldn’t be done, but with persistence and in partnership with DBG Health, we did it and have created the unimaginable.”
Whereas phrases of the deal weren’t disclosed, DBG touted MCoBeauty as “the number one cosmetic brand in ANZ, with a billion-dollar valuation.”
MCoBeauty is trying to push additional into the US market after launching there in 2024, and has partnered with Campbell Puckett — or Pookie as has turn into her web sobriquet — as half of the model’s launch in Goal. MCoBeauty is already carried in retailer Kroger.
Companies will typically collaborate with common social media influencers to drive awareness and attain of a specific model or product.
“As part of the launch and roll out to Target USA stores, MCoBeauty has partnered with Campbell Puckett to great success,” a spokesman for DBG Well being subsidiary VidaCorp mentioned.
Australian billionaire Dennis Bastas is government chairman and chief government of DBG Well being.
“Our thanks to Shelley, who has been an excellent partner and has done a fantastic job leading our MCoBeauty partnership to the number one cosmetics brand in Australia and New Zealand,” he mentioned.
“We are excited to build upon the brand’s success in ANZ while exploring its vast growth potential across the USA, Europe and beyond.”
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