2023 was, overall, a pretty lackluster year for beauty deal activity. For beauty strategics, however, it was a very active year, with deal activity indicating the beginnings of a notable shift in how their brand portfolios are managed and prioritized. The announcement of quite a few marquee acquisitions made for splashy headlines, but the number of assets put on the selling block tells the real story of what is sure to be a prominent theme in 2024.Strategics are relying on M&A to prune portfolios, shore up balance sheets in a tight capital market, and focus resources on core assets, while shedding non-core assets—often at below-market or distressed valuations. If the trend continues, it should make for a very interesting dynamic in 2024 as other strategics and large private equity funds return to the M&A market to snap up orphaned brands that are priced to sell.AmorepacificCOSRX: The Korean conglomerate has exercised its option to increase its stake in COSRX, the K-beauty brand founded in 2013 with eight product lines distributed in 40 countries. Amorepacific acquired 288,000 remaining shares held by COSRX's largest shareholder and related parties for $559.7 million, increasing ownership to 93.2% of the business after taking a  38.4% minority stake for 180 billion won ($153 million) in 2021. COSRX has shown an annual sales growth rate of more than 60% in the past three years, reporting sales of 204.4 billion won ($150 million) in 2022.KaoBondi Sands: The Japanese beauty conglomerate acquired Bondi Sands Australia in a cash deal estimated to be worth $450 million.