French non-public fairness agency Eurazeo Global is imminently closing its client portfolio Eurazeo Brands, made up of labels like Beekman 1802, Gisou, Nest New York, Herschel and Axel Arigato, three sources instructed The Business of Beauty.
In response to a request for remark, a spokesperson for Eurazeo mentioned the agency “has recently decided to review consumer investment opportunities through its generalist funds, rather than via a dedicated strategy.” The firm maintains €37.4 billion ($43.6 billion) in property beneath administration.
The transfer follows a rocky few years for Eurazeo Brands, which was established in 2017. Eurazeo Brands was championed by chief government Virginie Morgon and led by Jill Granoff; certainly one of its first investments was a $60 million majority stake within the perfume label Nest New York. The subsequent 12 months, the agency introduced it had taken a stake in cosmetics label Pat McGrath Labs, reportedly paying $60 million for the model at a $1 billion valuation.
In 2023, BoF reported that Eurazeo had quietly exited its place in Pat McGrath Labs, whose valuation is known to be nearer to the low 9 figures. The model is presently in an asset sale course of managed by US agency Hilco Global, with an public sale set for Jan. 27.
In 2021, Eurazeo Brands took a majority stake in skincare label Beekman 1802 alongside two of the model’s different buyers, contributing $62 million out of an total $90 million buy. It took a minority stake in hair care model Gisou in 2022.
The consolidation is a part of Eurazeo’s three-year technique to rotate its stability sheet, introduced in 2024 after an government committee ousted Morgon because the group’s CEO. As a part of this plan, the agency will promote its remaining positions by the tip of 2027.
In Dec. 2025, the agency additionally introduced that it had offered $303.1 million of property acquired as a part of its Elevate technique, specializing in small-to-medium dimension enterprises in Europe and representing half of the group’s stake in its PME III and PME IV funds raised in 2017 and 2022, respectively. This lowered the group’s share of each funds to 20 p.c.
A Private Equity Reckoning
PE corporations are recognized to swoop in and maximise income at any price, however have extra not too long ago turn into enticing buyers for growth-stage magnificence companies after quite a lot of excessive profile transactions.
Prelude Growth Partners backed the manufacturers Sol de Janeiro and Naturium earlier than their gross sales to massive strategics L’Occitane and E.l.f. Beauty, respectively. More not too long ago, TSG Consumer Partners acquired the perfume model Phlur, whereas General Atlantic Partners helped Mona Kattan spin off her label Kayali from sister model Huda Beauty.
But experience within the class is paramount, and never all investments are well-informed. US-based agency The Carlyle Group determined to cull its client portfolio in 2022, after buying “clean” label Beautycounter and males’s grooming model Every Man Jack. The former was bought by founder Gregg Renfrew out of foreclosures in 2024.
Eurazeo has made some sound bets in magnificence, and offered its majority stake in Nest to North Capital Partners in 2022 for a 2.7x return on its funding, in accordance to a launch.
A spokesperson for Eurazeo didn’t specify which manufacturers would stay in its portfolio, however added that the corporate’s goal, to help firms with their progress and monetise its positions beneath optimum value-creation situations, “hasn’t changed.”
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