Intercos eyes US skin and hair care segments with $200M acquisition

Intercos SpA is pursuing a US acquisition in skin and hair care valued at up to US$200 million. The Italian cosmetic supplier is seeking to strengthen its position in the world’s largest beauty market.

The company’s current clients include Estée Lauder and Dolce & Gabbana. It said the move would fill a gap in its US footprint, where the company currently operates two makeup plants but lacks capacity in skin and hair care.

Intercos SpA has not yet revealed the company names it targets, but it is looking at businesses with annual revenue in the US$100–200 million range.

CEO Renato Semerari has confirmed in an interview that the group identified at least one target company, but he does not expect a deal to close before the year’s end.

“We are proactively trying to buy a company in the skin and hair care sector in the US,” Semerari said. “There is a gap in our industrial footprint in that segment.”

Strategic expanse

According to the company, expanding into the skin and hair care categories is critical to win major contracts, given that many “trend-setting” brands originate in the US market. 

Intercos posted sales of €525 million (US$616.6 million) in H1 2025, up 5% year-on-year. Its EBITDA rose 17% to €75 million (US$88 million). 

Its full-year EBITDA is forecasted at €154.9 million (US$182 million), in line with analyst estimates.

The company is valued at around €1.17 billion (US$1.37 billion) and has managed tariff pressures by shifting production across its plants in South Korea, Italy, and the US.

Intercos’ clients include major makeup players like Estée Lauder and Dolce & Gabanna.Expanding into US skin and hair care manufacturing would close a capability gap and position Intercos to capture growth in categories that remain resilient despite turbulent inflation.

Personal Care Insights previously reported on brands’ strategic moves to avoid the weight of tariffs. Many companies are reassessing their supply chains to move production closer to the US, creating an opportunity for suppliers to gain new clients.

Tanya Menendez, CEO of Nearshore, told us: “Both suppliers and brands are actively negotiating with current partners and seeking competitive quotes from potential new manufacturing partners.”

Last month, Intercos’ client Estée Lauder reported a US$1.13 billion loss for fiscal 2025, with tariff-related headwinds expected to shave another US$100 million off in the next financial year.

The Italian supplier’s move works to reinforce its role as a strategic partner to global beauty brands, offering development, production, and packaging across a broader portfolio.