Makeup by Mario’s Global President, Alicia Valencia, has stepped down from the fast‑growing, celebrity‑founded brand after helping steer it from launch to a $200 million valuation and global Sephora expansion. Her exit comes just over a year after Makeup by Mario secured $40 million in minority growth funding to fuel new markets, team hires, and inventory fixes.
Leadership change at Makeup by Mario
Alicia Valencia said in a LinkedIn post, “It was with very mixed emotions that I informed my Makeup by Mario family today that I am leaving my position as Global President of Makeup by Mario,” calling the decision “very difficult” and driven by a desire to spend more time with her family. She praised founder Mario Dedivanovic for the opportunity to bring his vision to life over the past six years and expressed pride in the brand and its “amazing and passionate” team across the New York office and field organization.
A seasoned beauty executive, Valencia previously held senior roles at Pat McGrath Labs, Bobbi Brown, and Estée Lauder Companies, as well as leadership posts at HSN and multiple regional and global positions within the Estée Lauder portfolio. She noted that her next chapter will focus on sharing her expertise and supporting current and next‑generation entrepreneurs and senior leaders, “especially women,” across the beauty industry.
The rise of Makeup by Mario
Founded by celebrity MUA Mario Dedivanovic in 2020, Makeup by Mario has built a loyal worldwide following around pro‑grade, artist‑driven formulations designed for real‑world wearability. Dedivanovic, known for his work with the Kardashian‑Jenner family and stars like Ariana Grande and Kate Bosworth, leveraged years of education and social media visibility to turn his artistry playbook into a scalable product line.
The brand launched in partnership with Sephora as a North American exclusive at a time when color cosmetics were still recovering from the pandemic slump, but nonetheless managed to double sales every year and was expected to reach about $100 million in revenue in 2023. Its positioning, high performance textures, strategic complexion launches, and educational content helped it stand out in a crowded celebrity‑beauty landscape.
40M investment and 200M valuation
In 2023, Makeup by Mario raised $40 million in minority growth capital from private equity firms Provenance and Silas Capital, a deal that valued the business at more than $200 million. The funding was earmarked to accelerate product assortment expansion at Sephora in North America and abroad, build out the management bench, and significantly scale the brand’s direct‑to‑consumer channel.
The company said its sales had tripled year over year, powered by its D2C website and revenue from around 1,200 Sephora stores where the brand was stocked. The investment was also used to address chronic inventory shortages, add about 20 new team members (including a head of sales and a larger field force), and support entry into approximately 13 additional Sephora International markets across Europe and Asia.
Brand momentum post‑Valencia
In her farewell note, Valencia emphasized that Makeup by Mario remains on a strong “growth trajectory” and voiced confidence that the team will keep fueling the brand’s momentum even after her departure. Recent coverage highlights that the label continues to expand its global retail footprint with Sephora, supported by the 2023 funding and its growing recognition as a pro‑level artistry brand in prestige makeup.
Neither Makeup by Mario nor Mario Dedivanovic has publicly detailed succession plans for the Global President role, but trade outlets report that Cosmetics Business has reached out to both for comment. For now, the combination of a strengthened leadership bench, fresh capital, and entrenched Sephora partnerships suggests the brand is well‑positioned to navigate this leadership transition while continuing its international expansion push.
