As a wave of brands reaches the $100 million mark, a scale attractive to strategics, the industry has been buzzing with the chatter of businesses hiring bankers to explore options and lay the groundwork for potential sales.Beauty brands adept at harnessing growth can scale faster than ever before. The challenge for these beauty juggernauts will be striking before they get too big for strategics while leaving enough runway for the next owner. Both Glossier and Rare are weighing options, including initial public offerings as part of potential exits, given the size of the businesses.Celebrity-backed Rare Beauty, launched just over three years ago, has reached $400 million in revenue and is valued at north of $2 billion, leading many to believe the business has been too successful and leaving an IPO the only real option.Deal activity in the first half of 2023 was weak, down 36% year over year, but Q4 helped salvage the back half of the year. During Q4, the BeautyMatter Deal Index tracked 84 deals, a 12.0% increase from last year. As a result, deal activity in the back half of the year was only down 5.0% versus last year. Following a lackluster year of M&A activity in 2023, the beauty sector looks like deal activity could pick up in 2024.Luxury Brand Partners has hired investment bank The Sage Group to explore the sale of two of its six incubated portfolio brands, Patrick Star’s One/Size and IGK Hair, both built with lean infrastructure and a focus on domestic business. One/Size: Launched in 2020 and created in partnership with YouTube influencer Patrick Starrr and is known for its professional quality and long-wearing products.