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Makeup By Mario Lands $40 Million Minority Investment

January 19, 2023
January 19, 2023
Makeup By Mario

Mario Dedivanovic's Makeup by Mario takes its first outside capital, securing a $40 million minority investment from Provenance and Silas Capital, valuing the brand at over $200 million.

WHO: Mario Dedivanovic, a former Sephora cast member, launched his namesake makeup brand with Alicia Valencia, now the brand's global president, in October 2020. The brand launched exclusively with Sephora in North America. While he is an influencer in his own right working with Kim Kardashian and other celebrities, Dedivanovic has worked hard to reinforce the brand's ethos of artistry, craftsmanship, and approachable education. The assortment is composed of meticulously-crafted formulas infused with Mario's signature techniques, with every shade created for all human skin tones.

WHY: The capital will be used to hire 20 new employees, including a head of sales and an expanded field team. The business has been capital efficient and has continued to beat financial targets but has had inventory challenges which the funding should also help to address.

IN THEIR OWN WORDS: "That we have been self-funded until this point is miraculous," Dedivanovic told BOF. "We didn't have the resources before, but now we can realise my fullest vision of this brand."

Brian Thorne, partner at Silas Capital, said Mario stands apart. "A+ assets with a strong identity and profitability will always find investment."

"Usually you see great unit economics or great performance at retail or some sort of combination of those things, but it is dependent on one or two hero products. Mario has seen broad success across the line, you could argue he has 10 heroes," said Anthony Choe, founder and managing partner at Provenance.


  • Makeup by Mario has received a $40 million minority investment from private equity firms Provenance and Silas Capital, valuing the brand at over $200 million. 
  • BOF reported that the brand has doubled sales each year and is expected to do $100 million in revenue in 2023.
  • The brand will expand to 13 more countries across continental Europe and Asia via Sephora International in the coming months.
  • DTC e-commerce currently represents 15 percent of sales but with optimization, the brand believes they can increase digital sales 25 to 30 percent by 2024.
  • Threadstone Capital advised on the investment.

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