Aussie beauty brand MCoBeauty sold for $1 billion after five years

Shelley Sullivan has sold her beauty company, MCoBeauty, for a valuation of $1 billion after just five years. The company, known for offering lower-priced versions of popular cosmetics, has rapidly grown in the competitive beauty market. Melbourne billionaire Dennis Bastas, who previously acquired a 50% stake in MCoBeauty in 2022, has now taken full control. Reports suggest that the latest transaction involved at least $500 million. Sullivan plans to join Creative Artists Agency in Los Angeles, focusing on creating brands for celebrities. She stated she will not start another cosmetics business.