Which Makeup Brand Earns the Most Money? 2025 Revenue Breakdown
Sep, 28 2025
- By: Elara Hemming
- 0 Comments
- Makeup
Makeup Brand Revenue Comparator
Select two makeup brands to compare their 2023 revenues:
TL;DR
- L'Oréal Paris tops the list, pulling in about $7.6billion in makeup sales in 2023.
- Maybelline, MAC, Fenty Beauty, and Huda Beauty round out the five biggest earners.
- Revenue rankings are based on audited company reports, market‑research firm data, and currency‑adjusted figures.
- Key growth drivers include social‑media marketing, celebrity collaborations, and expanding e‑commerce channels.
- The global makeup market is projected to hit $92billion by 2028, keeping the race for the top spot fierce.
Ever wondered which makeup brand is raking in the most cash? It’s not just a vanity metric - the leader’s strategy often sets the tone for trends, product launches, and even pricing across the industry. Below, we break down the current champion, how the rankings are calculated, and what the numbers mean for beauty lovers and professionals alike.
The reigning champion: L'Oréal Paris
L'Oréal Paris is a French cosmetics brand that dominates the global makeup market with a focus on accessible, trend‑driven products. In 2023 the brand clocked roughly $7.6billion in makeup sales, outpacing every rival on the planet. Its parent, the L'Oréal Group, reported a total beauty‑segment revenue of $38billion, with makeup contributing the lion’s share.
The brand’s success stems from a relentless pipeline of shade‑inclusive foundations, viral lip kits, and a strong digital presence on TikTok and Instagram. While it backs a broad price range, its product‑development cadence ensures fresh launches every season, keeping shoppers coming back for more.
How we rank the brands
To keep the list fair and transparent we followed three steps:
- Source audited financials. We pulled annual reports from the parent companies (L'Oréal, Estée Lauder, etc.) and isolated the makeup‑specific segment.
- Convert to a common currency. All figures were translated to U.S. dollars using the average 2023 exchange rate to eliminate regional bias.
- Adjust for reporting periods. If a brand only reports a fiscal year ending mid‑calendar year, we annualized the numbers to align with the 2023 calendar year.
Brands that don’t break out makeup revenue (like some niche indie labels) were excluded, because we needed comparable, verifiable data.
Top 5 makeup brands by 2023 revenue
| Brand | Parent Company | Makeup Revenue (USDbn) | Key Markets | Signature Product |
|---|---|---|---|---|
| L'Oréal Paris | L'Oréal Group | 7.6 | North America, Europe, Asia‑Pacific | True Match Foundation |
| Maybelline | L'Oréal Group | 3.2 | USA, Latin America, Middle East | Fit Me Matte + Poreless |
| MAC Cosmetics | Estée Lauder Companies | 2.9 | North America, Europe, Australia | Retro Matte Lipstick |
| Fenty Beauty | Sanofi‑owned (partnered with LVMH for distribution) | 1.8 | USA, UK, Canada | Pro Filt'r Foundation |
| Huda Beauty | Independent (private) | 1.5 | Middle East, USA, Europe | Desert Dusk Eyeshadow Palette |
Deep dive: what makes each top brand tick
L'Oréal Paris leverages a massive R&D budget (over $1billion annually) to stay ahead on texture innovation and inclusive shade ranges. Its “beauty‑tech” labs also experiment with AI‑driven shade matching, which has become a major conversion driver on its e‑commerce sites.
Maybelline is praised for its “drugstore‑glam” positioning. By delivering runway‑inspired looks at a low price point, it captures a younger demographic that fuels repeat purchases. The brand’s partnership with reality‑TV stars has helped sustain a steady stream of limited‑edition collections.
MAC Cosmetics thrives on its professional‑makeup artist heritage. Its product launches often coincide with major fashion weeks, and its limited‑edition collaborations (e.g., with celebrities or designers) regularly sell out within hours, creating hype‑driven spikes in revenue.
Fenty Beauty set a new industry standard for shade inclusivity when it launched in 2017. The brand’s strong digital‑first strategy-especially on TikTok-turns viral trends into sales “storms.” Its parent’s distribution muscle ensures fast global rollout.
Huda Beauty grew from a beauty‑vlogger’s Instagram feed into a multi‑billion‑dollar empire. Huda Kattan’s personal brand adds authenticity, while the label’s focus on bold, eye‑centric products (think liquid liners) keeps it top‑of‑mind for makeup‑enthusiasts.
Why the money? Key revenue drivers in 2024‑2025
- Social‑media amplification. Brands that master short‑form video see up to 30% higher conversion rates. Fenty Beauty’s "#FentyGlow" challenge generated $120million in incremental sales last year.
- Celebrity and influencer collaborations. Limited‑edition releases with A‑list stars can add $200-$300million to annual revenue streams for brands like MAC and Huda Beauty.
- Omnichannel retail. Seamless integration between brick‑and‑mortar, brand‑owned e‑stores, and third‑party platforms (Sephora, Ulta) widens reach. L'Oréal Paris attributes 45% of its 2023 makeup sales to online channels.
- Product diversification. Expanding into skin‑care‑makeup hybrids (e.g., tinted moisturizers with SPF) captures crossover spend.
- Geographic expansion. Emerging markets in Southeast Asia and Africa present high‑growth opportunities, with projected CAGR of 12% through 2028.
Market outlook: where the revenue race heads next
The global makeup market is forecasted to reach $92billion by 2028, according to Euromonitor. This translates to an average annual growth rate of 6.5%.
Key trends that could reshuffle the ranking include:
- Sustainable packaging. Brands that invest in recyclable or refillable containers are winning eco‑conscious consumers, potentially unlocking new premium price points.
- AI‑driven personalization. Virtual try‑on tech is moving from novelty to necessity. Early adopters may see higher average order values.
- Direct‑to‑consumer (DTC) expansion. Companies that cut the middleman and build robust DTC ecosystems can retain more margin, a strategy already paying off for Fenty Beauty.
- Regulatory changes. Stricter ingredient disclosures in the EU could affect product formulations, influencing cost structures.
Watch for newcomers like “Glow Cosmetics” that are leveraging AI and sustainability from day one; they could challenge the incumbents within the next five years.
Quick cheat‑sheet for beauty lovers
- Most profitable brand: L'Oréal Paris - $7.6bn (2023).
- Best‑value brand for budget shoppers: Maybelline - $3.2bn, strong drugstore presence.
- Top choice for professional‑grade pigments: MAC - $2.9bn, artist credibility.
- Leader in shade inclusivity: Fenty Beauty - $1.8bn, 50+ foundation shades.
- Fastest‑growing indie brand: Huda Beauty - $1.5bn, heavy influencer pull.
Frequently Asked Questions
Which makeup brand generated the highest revenue in 2023?
L'Oréal Paris topped the list with about $7.6billion in makeup sales for the calendar year 2023, according to the company’s audited financial statements.
How reliable are the revenue figures for individual makeup brands?
We only used publicly available audited reports, market‑research data from Euromonitor and Statista, and adjusted all numbers to U.S. dollars using average yearly exchange rates. This method ensures consistency and comparability across brands.
Are there any emerging brands that could overtake the top five soon?
Brands that combine AI‑driven personalization with sustainable packaging-such as Glow Cosmetics and Planetary Beauty-are gaining rapid traction. While they’re still small in absolute revenue, their growth rates (15-20% CAGR) could place them in the top ten within five years.
How does e‑commerce impact makeup brand earnings?
Online sales now account for roughly 45% of global makeup revenue. Brands that invest heavily in seamless checkout, virtual try‑on, and fast shipping see higher average order values and repeat‑purchase rates.
What are the main factors driving L'Oréal Paris’s market dominance?
Its massive R&D spend, a broad price range that reaches both luxury and mass markets, aggressive social‑media campaigns, and a worldwide distribution network give L'Oréal Paris an unbeatable scale advantage.