The big beauty deals to watch
Galderma is buying ZO Skin Health for $1.5 billion, expected to close in Q4 2026 or early 2027. Boots and No7 are part of an $8.9 billion deal announced October 7. Kimberly-Clark, the maker of Kleenex and Huggies, closed its purchase of Kenvue on November 2, so Neutrogena, Aveeno and OGX now belong to it. The private equity firm PAI Partners agreed on November 4 to buy Elemis from L'Occitane Group, with the deal expected to close in early 2027. And Dermalogica's CEO steps down at the end of December.
Why it matters
Ownership changes tend to show up later as reformulations, price changes, and discontinued favorites.
The story so far
An $8.9 billion deal including Boots and No7 is announced.
Kimberly-Clark completes its purchase of Kenvue, owner of Neutrogena and Aveeno.
PAI Partners agrees to buy Elemis from L'Occitane Group; terms were not disclosed.