Summer recap: The investments, strategies and revenue tumbles that defined the beauty industry

The beauty industry had an eventful summer marked by changing retailer strategies, stark revenue tumbles and a flurry of pricey acquisitions. In this special episode of The Glossy Beauty Podcast, reporters Lexy Lebsack, Emily Jensen and Sara Spruch-Feiner walk through the stories that defined the season. This includes strategy shifts within retailers like Sephora, Ulta Beauty and Target, plus a look at disappointing revenue at conglomerates Shiseido and Estée Lauder Companies. The team also discusses the biggest acquisitions of the season — including Rhode, Dr. Squatch, Space NK and Touchland — and the tariff-related topics we’re watching as fall approaches. To start (0:53), Glossy’s beauty team digs into the industry’s biggest summer investments, led by E.l.f. Beauty’s May purchase of Hailey Bieber’s Rhode for $1 billion. The team also walks through CPG company Church & Dwight’s $700 million purchase of trendy hand sanitizer brand Touchland in May and Unilever’s June purchase of digitally-native men’s care brand Dr. Squatch for $1.5 billion. Beauty’s top specialty retailers also had big summers. Sephora (8:37) is leaning deeper into a tried-and-true brand launch playbook: the celebrity artist. In the past few weeks, the retailer has rolled out new lines from celebrity makeup artists Hung Vanngo and Mary Phillips, plus hairstylist Chris McMillian. Meanwhile, Ulta Beauty (18:17) had a whirlwind summer as new CEO Kecia Steelman executed her “Ulta Unleashed” comeback plan. Steelman, who was appointed CEO in January after more than a decade with the company, announced her plan in March as a response to the company’s 1.9% year-over-year holiday sales tumble. Glossy’s team unpacks all the changes, including the acquisition of U.K. retailer Space NK, international expansion into Mexico and the Middle East, and the end of Ulta’s shop-in-shop with Target. Finally (25:37), Glossy’s team walks through can’t-miss beauty conglomerate news: LVMH’s splashy Louis Vuitton Beauté launch and Shiseido’s sales tumble caused by Drunk Elephant’s poor performance, plus turbulence at Waldencast and Estée Lauder Companies. Finally (36:27), team Glossy ends with a few autumn tariff predictions.