Billionaire Dennis Bastas has acquired $1 billion dupe beauty brand MCoBeauty, the Australian Financial Review (AFR) has reported.

Bastas’ DBG Group initially bought a 50 per cent in MCoBeauty in 2022, which AFR‘s sources said was valued at least $500 million.

Shelley Sullivan founded MCoBeauty in and has grown the brand, known for its affordable makeup and skincare products sold in supermarkets and pharmacies. It has taken market share from popular brands such as L’Oreal, Rimmel and Maybelline.

MCoBeauty launched its products in 1200 Target stores in the US, following its launch in 1800 Kroger stores last year.

The brand plans to venture into Europe as its next market, the AFR said, citing Sullivan.

“We never needed funding,” said Sullivan in an interview. “It was purely strategic. I chose DBG because they brought pharmacy distribution to the table.”