Australian cosmetics brand MCoBeauty, renowned for its “dupe” culture, is now fully owned by billionaire Dennis Bastas’ DBG Group in a deal reportedly valuing the company at US$1 billion. This acquisition follows DBG’s initial 50% stake in 2022, highlighting the brand’s meteoric rise in both Australia and the U.S.
Under founder Shelley Sullivan, MCoBeauty experienced a staggering 241% revenue surge, growing from US$18.5 million in 2022 to US$63 million in 2023. Capitalizing on this momentum, the brand expanded into 1,850 Kroger Family stores, entered U.S. Target locations, and gained traction for its budget-friendly alternatives to high-end beauty products. Chief Marketing Officer Meridith Rojas attributes the brand’s success to its ability to tap into the “dupe” trend while broadening its product offerings and global footprint.
DBG Group, which also owns Nude by Nature and ESMI Skin Minerals, is leveraging MCoBeauty’s rapid growth as part of its strategy to invest in disruptive beauty brands that appeal to cost-conscious consumers. The acquisition underscores a broader industry shift toward affordable yet trend-driven products, catering to a global audience increasingly drawn to quality at accessible price points.
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