The Beauty and Personal Care industry has seen significant M&A activity in the past five years with key players boosting their businesses by adding brands – large and small – to their portfolios. Much of the activity in the market has been a reaction to slow organic growth and to the corporate model structure. The industry, which is highly concentrated and at the same time highly fragmented, is ripe for consolidation, and survival will depend on acquiring or being acquired. In this A.T. Kearney study of 214 M&A transactions, the authors shed light on the who, why, what and how of value creation in the beauty industry.

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