It’s hard to believe it was just 12 short months ago that we were coming off of the high of the best year in beauty investment and M&A deal activity in at least a generation, perhaps ever. In fact, across almost all sectors, investment and M&A activity set records in 2021. Despite being in the throes of a still roiling COVID pandemic (remember that?) in 2021, 2022 proved to be a bit more wily for investors, the capital markets, consumers, and, heck, even the federal reserve to nail down and embrace dealmaking with as much enthusiasm as they did last year. That being said, 2022 wasn’t all that bad for investment and M&A deal activity―particularly in beauty.In 2022, BeautyMatter tracked a total of 344 deals, down 15.5% from 2021’s record-setting 407 deals but well above 2020’s 225 deals and 2019’s 275 deals. When all was said and done, despite the widespread turmoil, the 344 beauty deals tracked in 2022 would have made for a banner year if 2021 wasn’t such a record breaker. In the first half of the year, deal activity seemed to be on track to match, if not exceed, 2021’s record. With 198 deals tracked in the first half of 2022, deal activity was down just 2.9% from the first half of 2021 and up a staggering 85.0% and 94.1% versus 2020 and 2019. Investor appetite for deals in the back half of the year, however, failed to keep pace with that of the first half. Deal activity for July through December 2022 was down 28.1% versus the same period last year and down 9.3% and 15.6% versus 2020 and 2019. The typically reliable Q4 sprint to close deals before year-end was more of a steady jog in 2022, with only 79 deals tracked during the quarter―a 28.