For the first quarter of 2024, the BeautyMatter Deal Index tracked 65 deals, a 16.1% increase in transactions from the first quarter of 2023. The Index also tracked seven brand failures, a combination of bankruptcies and brand shutdowns during the quarter, which was consistent with the quarterly failures tracked in the back half of 2023. After a unique shift away from growth investments and toward M&A activity seen in Q4 2023, deal activity in Q1 2024 returned to a more even split between growth investments and M&A, a good sign that investors continue to believe in the long-term fundamentals of the beauty and wellness industries. The increase in beauty deal activity during Q1 2024 was in contrast to continued declines in deal activity in other consumer categories. According to KPMG, food and beverage (both brand owners and retailers) saw a 2% decline in year-over-year M&A activity and retail deals suffered the highest volume declines, contracting 6%, led by a 56% decline in deals involving e-retail (internet and catalog retailing), likely due to some perceived mismatches between valuations and profitability.