DBG Group has acquired Australian beauty brand MCoBeauty, with an approximate valuation of AUD$1 billion.

DBG Group, owned by billionaire Dennis Basta, previously took a 50 percent stake of MCoBeauty in 2022. The owner of fellow beauty brands Nude by Nature and Esmi skin Minerals has taken full ownership of the dupe beauty brand, according to local media reports.

Financial terms of the deal were not disclosed.

Founded by Shelley Sullivan in 2020, MCoBeauty describes itself as Australia’s fastest growing masstige beauty brand, amassing a cult following for its affordable beauty products, recognised by their baby pink packaging.

“When I started MCoBeauty, the market was dominated by the big global beauty icons Revlon, Maybelline and Rimmel,” said Sullivan. “We had just six MCoBeauty SKUs on the shelves and I told someone in the industry that my goal was to break into the global masstige beauty space. They told me it was not possible. This set the challenge in my mind — and I just went for it. There really is nothing like being told you can’t do something to give you drive, and for that I’m grateful.”

Prior to MCoBeauty, Sullivan launched her higher-priced ModelCo beauty brand, which logged successful collaborations with a range of celebrities including the likes of Hailey Bieber, Celeste Barber, Elle Macpherson, Rosie Huntington-Whiteley and Karl Lagerfeld.

In April last year, MCoBeauty made its United States debut exclusively at Kroger Family of Stores, launching more than 250 beauty and skincare products in-store across the American retail chain.