Key Takeaways:Beauty dealmaking in 2025 was defined less by frenetic activity and more by precision: fewer deals but more intentional ones. The BeautyMatter Deal Index tracked 262 transactions, down 11.8% from 2024, yet broadly consistent with 2023 levels. The most active investors in 2025 were beauty conglomerate L’Oréal, European firm Iris Ventures, UK firm JamJar Investments, and US firms Prelude Growth Partners and Sandbridge Capital.Some investors came off the sidelines in 2025 after a lull from cooling markets and higher borrowing costs, unlocking some of the pent-up demand, but the number of transactions was still down. The BeautyMatter Deal Index tracked 262 transactions, down 11.8% from 2024, yet broadly consistent with 2023 levels. The decline in volume, however, tells only part of the story. This was a year defined less by frenetic activity and more by precision: fewer deals but more intentional ones. While the headlines were dominated by uncertainty, the market quietly kept moving, with enough meaningful transactions to sustain momentum and keep both strategics and investors engaged. What stood out most was the strategic clarity behind the deals that did get done—and the valuation confidence that often accompanied them. For the fifth year, BeautyMatter has surfaced the most active investors based on dealmaking tracked in our BeautyMatter Deal Index. French beauty conglomerate L’Oréal had a very active 2025, making its debut on the list and taking the top spot, with four investments and three acquisitions.