Dubai-based beauty company Huda Beauty is reportedly considering the sale of its rapidly growing perfume division, Kayali, according to a report from the Gulf News.
The brand has enlisted US banking giant Goldman Sachs to advise on the potential sale, which could involve either a partial or full divestment of Kayali, the report indicates.
Founded in 2013 by beauty influencer Huda Kattan alongside her sisters Mona and Alya, Huda Beauty is the most followed beauty Instagram account, with over 54.2 million followers on Instagram. The figure is more than Kylie Jenner’s Kylie Cosmetics and Selena Gomez’s Rare Beauty combined.
Kayali has quickly made a name for itself in the luxury fragrance market, offering around two dozen scents. With prices around USD140 for a 100-milliliter bottle, Kayali fragrances are sold by major retailers such as Sephora USA Inc., Walgreens Boots Alliance Inc., and ASOS Plc.
The move comes amid a surge in mergers and acquisitions in the beauty sector, driven by a global uptick in spending on cosmetics.
According to Capstone Partners, the value of such deals has soared by 37.5% this year compared to the same period last year, Bloomberg reports.