Australian beauty brand MCoBeauty, best known for its affordable dupes, is now fully owned by billionaire Dennis Bastas’ DBG Group, valuing it at $1 billion, according to multiple reports.
The skin care and cosmetics brand was founded by Shelley Sullivan in 2020 as a more affordable spin-off of her company Model Co, with DBG taking a 50 percent stake of MCoBeauty in 2022.
A representative for MCo did not respond immediately for a request for comment on the deal.
After generating a reported $63 million in sales in 2023 — up 241 percent from 2022’s $18.5 million in sales — MCoBeauty launched Stateside in 2024 with Kroger’s Family of Stores, entering roughly 1,850 doors. It subsequently entered Target Corp.
“We are still a baby in the U.S., but we’re very ahead of our growth curve. We’re growing extraordinarily fast,” Meridith Rojas, chief marketing officer of MCoBeauty, told WWD last year. “We’re starting to break onto the scene through the same recipe that worked in Australia, and that’s leaning into dupe culture. That’s not all we are, but it’s a big part of who we are.”
DBG also owns beauty brands Nude by Nature and ESMI skin minerals.
