Makeup By Mario Lands $40 Million Minority Investment

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

WHO: Former Sephora cast member Mario Dedivanovic launched his namesake makeup brand in October 2020 alongside current brand global president Alicia Valencia. An influencer who works with Kim Kardashian and other celebrities, Dedivanovic has worked hard to reinforce the brand’s ethos of artistry, craftsmanship and accessible education. The assortment consists of meticulously crafted formulas infused with Mario’s signature technology, in every shade created for every human skin tone.

why: The funds will be used to hire 20 new employees, including a sales director and an expanded field team. The business is capital efficient and continues to meet its financial targets, but has had inventory issues that financing will help address.

In their own words: “It’s a miracle that we’ve been able to self-finance this far,” Dedivanovic told the BOF. “We didn’t have the resources before, but now we can fully realize the brand’s vision.”

Cyrus Capital partner Brian Thorn said Mario stands out. “Her A+ assets with strong identity and profitability always find investment.”

“Usually you see good unit economics or good retail performance or some combination of those, but it depends on one or two hero products. Mario has had widespread success across the line. I would say he has 10 heroes,” said Anthony Choe, Founder and Managing Partner of Provenance.


  • Make-up by Mario has received a $40 million minority investment from private equity firms Provenance and Silas Capital, giving the brand a valuation of over $200 million.
  • BOF reports that the brand’s sales are doubling every year and is expected to generate $100 million in revenue by 2023.
  • The brand plans to expand to 13 countries across continental Europe and Asia through Sephora International in the coming months.
  • DTC e-commerce currently accounts for 15% of sales, but with optimization, the company believes it could increase digital sales by 25-30% by 2024.
  • Threadstone Capital provided investment advice.

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