A historic moment for the beauty industry occurred at BeautyMatter's 2025 FUTURE50 Summit. Former Head of Acquisitions at L'Oréal USA Carol Hamilton and BeautyMatter co-founder and CEO Kelly Kovack were joined by Ali Goldstein, the newly appointed Head of Acquisitions at L'Oréal USA, for an intimate fireside chat. The discussion offered attendees a unique glimpse into beauty history, symbolizing a passing of the torch as two remarkable female leaders shared the stage, with Goldstein stepping into her new role at L'Oréal USA.
A longtime advocate of independent beauty brands, Hamilton has been a member of the BeautyMatter community since its inception. Her career in the beauty industry spans 50 years, beginning in advertising where she worked on the Revlon account. Despite her early work with Revlon, Hamilton distinctly recalls the impact of L'Oréal's renowned slogan “Because you're worth it” and the profound impression it left on her.
Goldstein has spent her entire career within the L'Oréal ecosystem. Hamilton hired Goldstein for her first job in the beauty industry, a summer internship at L'Oréal.
“I always admired this amazing woman who was running the show at L'Oréal Paris,” Goldstein recalled. Goldstein has remained at L'Oréal for her entire career, working in various roles throughout the last 24 years. She most recently served as President of L'Oréal Paris, a position also previously held by Hamilton for many years.
“When I was offered the job, it was a humbling moment for me,” she said. “It was one of those ‘I made it' moments. I felt a deep responsibility to carry on the legacy that Carol had created that centered on women's empowerment. I hope I can continue that legacy and put my own mark on it.”
The L'Oréal Culture
Hamilton and Goldstein both credit the diverse and creative environment, global opportunities, and intelligent colleagues fostered by L'Oréal's unique culture as the reason for their long-term employment and growth within the company. L'Oréal employees have such a strong sense of identity and community that they consider themselves to have their own nationality, "L'Oréalians." The company attracts what Hamilton calls "the smartest people in the world," creating an environment of continuous learning and innovation.
“L'Oréal is magical; it embodies such a human spirit,” said Hamilton. “The company always understood that beauty is not superficial, and that it was really the key to building self-confidence in women. We really believe that, so it creates this whole culture that explores not only product and business, but how beauty fits into the entire culture. It's far more interesting than beauty as a transaction.”
For Goldstein, the ability to have multiple careers within the same organization—moving across brands, geographies, and functions— has been a critical factor in her long-term commitment. The global nature of the company offers employees unprecedented opportunities, with what Goldstein describes as the "three P's": people, products, and passion.
Navigating M&A in a Changing Beauty Landscape
With Goldstein now taking over Hamilton’s role in mergers and acquisitions, the conversation naturally turned to the art of identifying and acquiring promising beauty brands. The L'Oréal approach is anything but transactional. Hamilton emphasizes the importance of patience, looking beyond financial metrics to understand a brand's values and potential for global expansion.
“So many of these relationships and transactions, if they're done well, take time,” she says. “I've always been a bit hesitant to discovering a brand once it's hired a banker, because then you're on a timetable that doesn't allow you to understand if you share the same values. Will the brand's values and the founder's values align with L'Oréal's values, and will it be a good marriage? None of us want a bad marriage, so it's really important that we take the time to figure that out.”
The ideal acquisition target, according to Hamilton, has several key characteristics: a critical mass that won't get lost in L'Oréal's ecosystem, potential for globalization, a clear brand soul, and at least three years of history. Profitability is crucial—L'Oréal seeks brands that have already demonstrated a sustainable business model.
Hamilton provides an illustrative example with L'Oréal's acquisition of Youth To The People, a relationship that began when she first noticed the brand at a Sephora summit in 2016, well before they had sold a single product. Over the next five years, she maintained an informal connection, getting to know the brand organically before eventually acquiring it in 2021.
Both leaders offered sage advice for beauty entrepreneurs navigating uncertain economic landscapes. Hamilton recommends focusing on what truly makes a brand unique, avoiding unnecessary expansions, and maintaining a healthy profit and loss statement. The key is creativity and finding innovative solutions during challenging periods.
“Don't give away the ship,” advised Hamilton. “You've worked so hard to earn your freedom. That's why you're doing this, so don't give it all away.”
Looking Ahead
Goldstein is excited about exploring new frontiers in beauty, particularly at the intersection of health, wellness, and traditional beauty categories. She sees tremendous opportunity in the evolving definition of beauty, with concepts like longevity becoming increasingly important.
“How do we identify those opportunities that take advantage of that expanded definition of beauty, and what are the things that really are going to change the game? Where are those big white spaces that will be really incremental to what we do best at L'Oréal?” said Goldstein.
The conversation highlighted the importance of mentorship, with Hamilton emphasizing that true mentorship is about long-term relationships and mutual learning. Her commitment to supporting independent beauty founders stems from a genuine admiration for their courage and creativity.
What emerges from this conversation is more than just a corporate leadership transition. It's a testament to the power of mentorship, the importance of understanding consumer trends, and the potential for women to create meaningful change in the beauty industry.
Goldstein’s journey from an intern who was once inspired by Hamilton to now leading the M&A strategy represents more than personal achievement—it symbolizes the continued evolution of women's leadership in beauty. Her approach combines strategic thinking with a deep understanding of consumer needs and emerging trends.
For aspiring beauty entrepreneurs and industry professionals, their story offers invaluable insights: stay curious, build genuine relationships, understand your brand's unique value, and never stop learning.
As Hamilton passes the torch to Goldstein, one thing becomes clear: the future of beauty is in excellent hands.
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