BILLIONAIRE Dennis Bastas (pictured) has bought two beauty brands Nude By Nature and Makeup Cartel for $60 million, reported AFR.
Bastas, who made his wealth in generic drugs supply with Arrotex Pharmaceuticals, has created a new consumer health and beauty enterprise, VidaCorp, which will hold his investment in Nude by Nature and Makeup Cartel along with MCo, MyAura, Brutal Truth, and SkinB5.
He plans to create a sizeable beauty business using his experience building Arrotex.
"Nude by Nature needs what we already have, and that is a sizeable marketing engine room that we can deploy to rebuild its presence.
"It gives us a new segment that, we believe, is a great fit, as we move from MCo products to the more masstige," Bastas added.
"We see it becoming part of that global growth strategy."
The transactions build on a booming beauty sector.
Last year, Melbourne-born Aesop made global headlines after giant L'Oral paid $3.7 billion to buy the company (PD 05 Apr 2023).
Bondi Sands landed a $450 million deal with a Japanese conglomerate (PD 03 Aug 2023). JG
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