Makeup by Mario
Self-funded for two and a half years, Sephora-exclusive, built on 20 years as Kim Kardashian's makeup artist and 30,000 students taught across six continents.
A 17-year-old from the Bronx walked into the Sephora at the Flatiron building in Manhattan, got hired as a fragrance consultant, and spent the next 20 years building himself into the most famous makeup artist in the world. When Mario Dedivanovic finally launched his own brand in October 2020, he launched it at the same Sephora where he once stocked shelves.
He self-funded the brand entirely for its first two and a half years before accepting a $40 million minority investment at a $200 million valuation. By 2023, the brand held the #1 eyeshadow palette at Sephora globally and generated an estimated $225 million in retail sales. Then growth caught up with operations: in January 2026, the company laid off more than a third of its workforce.
At a glance:
| Founded | October 1, 2020 |
| Founder | Mario Dedivanovic |
| CEO | Mario Dedivanovic |
| Global President | Melissa Sperau (appointed March 2026; former president of Shiseido US, 19 years at MAC) |
| Ownership | Majority held by Mario Dedivanovic |
| Annual retail sales (2023) | ~$225 million |
| Projected retail sales (2024) | ~$300 million |
| Valuation (Jan 2023) | $200 million+ |
| Total funding | ~$45 million ($5M Northwood Ventures + $40M Provenance/Silas Capital) |
| Available at | Sephora (1,600+ stores globally), makeupbymario.com |
The Story
A Nike shoebox and a cabaret show
Dedivanovic was the youngest of four children born to Albanian immigrant parents from Montenegro, raised in the Bronx. At 17, he graduated high school and went job hunting in Manhattan with his mother.
He walked into Sephora’s Flatiron location and got hired as a fragrance consultant, not makeup. On his first day, a woman asked him to help pick a lipstick, and he realized what he actually wanted to do.
Shortly after, two singers he met at Sephora hired him for $25 to do their makeup for a cabaret show. He didn’t own a makeup kit, so he packed products into a Nike shoebox from his closet. That $25 job was the beginning of a freelance career that took him from the Armani counter at Saks to Fox News studios to his first celebrity client, Natasha Bedingfield.
The woman his agent said would never be successful
In 2008, a photographer recommended Dedivanovic for a magazine cover shoot with Kim Kardashian. Season one of Keeping Up with the Kardashians had just aired, and Dedivanovic didn’t really know who she was. She loved the result. Their partnership lasted over a decade, produced six Vogue covers, and turned both of them into household names.
His agent told him Kardashian would “never be successful” and that he would “go down right with her.” He fired that agent. Together, they popularized facial contouring as a mainstream beauty technique, transforming it from a professional stage trick into something millions of women practiced at home.
30,000 students before a single product
In 2009, Dedivanovic launched The Master Class, a hands-on makeup workshop. The first session had 16 students, and he lost money on it. Over the following decade, it grew to events with over 2,000 students per session, often selling out in minutes, with tickets ranging from $500 to $1,300. He taught more than 30,000 students across six continents.
The Master Class wasn’t a side project. It built his personal audience, established him as an educator rather than just a celebrity’s makeup artist, and created a community of devoted followers who understood his techniques. Every one of them became a day-one customer when the brand finally launched.
Launching during a pandemic, on purpose
Dedivanovic began developing his brand in 2017, aiming for a 2020 launch that would mark 20 years since he first started at Sephora. He brought on Alicia Valencia, who had previously held roles at Pat McGrath Labs, Bobbi Brown Cosmetics, and Estée Lauder, to run the business and secure the exclusive Sephora partnership.
The brand launched on October 1, 2020, his birthday, with 21 products priced from $14 to $48. Much of the country was still at home and barely wearing makeup, but launching at the Sephora where his career began 20 years earlier was a full-circle moment he refused to postpone. The brand was entirely self-funded.
The Strategy
Sephora-exclusive, globally
Rather than chasing omnichannel distribution, Dedivanovic went Sephora-exclusive in every market: 1,600+ doors across North America, Europe, Asia, the Middle East, and Australia. No Ulta, no Target, no Amazon.
The relationship was personal (he literally started there) and strategic (Sephora’s customer base skews toward beauty enthusiasts who care about technique, which is exactly who the brand was built for).
Under 100 SKUs, on purpose
After three years, the brand had fewer than 100 SKUs, deliberately restrained in an industry where most brands launch dozens of products per year. Each product was tied to a technique rather than designed to fill a category.
The Master Mattes palette wasn’t just an eyeshadow palette; it was built around his matte technique philosophy. It became the #1 eyeshadow palette at Sephora globally.
The Marketing
The founder is the tutorial
Dedivanovic is the face of every product tutorial, technique breakdown, and launch campaign. This is not a celebrity brand where the founder’s name is on the box but a hired creative director designs the products.
He personally demonstrates every product with professional technique, and a dedicated content series with Sephora called “Beyond the Artistry” extends the masterclass model into scalable digital format.
A client list as a living ad campaign
Dedivanovic’s client roster (Kardashian, Jennifer Lopez, Priyanka Chopra, Demi Lovato) serves as implicit product endorsement without paid partnerships. When professionals and celebrities use the products in real editorial and event work, it validates the brand more effectively than traditional advertising. The KKW Beauty x Mario collaborations in 2018 and 2019 pre-seeded brand awareness among beauty consumers two years before Makeup by Mario even existed.
Hero products over SKU flooding
By making fewer products that each became an event, launches generated earned media and social content without paid promotion. The Ethereal Eyes palette sold out and became the most-requested product in the line. Every drop felt like it mattered, which kept the brand in conversation without a massive influencer marketing spend.
The Numbers
| Year | Revenue | Notes |
|---|---|---|
| 2020 | Not disclosed | Launched October 1. 21 initial SKUs. Mid-pandemic. |
| 2021 | Not disclosed | Revenue doubled from launch year |
| 2022 | Not disclosed | Revenue doubled again |
| 2023 | ~$225M retail sales | $40M minority investment at $200M+ valuation |
| 2024 | ~$300M projected | J.P. Morgan hired to explore deal options |
Funding: Dedivanovic self-funded the brand from launch through early 2023. Northwood Ventures provided an early $5 million investment. In January 2023, Provenance and Silas Capital invested $40 million at a valuation exceeding $200 million. Total outside funding is approximately $45 million.
Sephora performance: Top 10 brand at Sephora North America. Master Mattes eyeshadow palette holds the #1 position globally. The brand is carried in over 1,600 Sephora stores worldwide.
Profitability and current challenges: The brand doubled revenue every year through 2023, but growth created operational strain. In January 2026, Puck reported that the company laid off more than a third of its workforce in an effort to “right-size into profitability,” suggesting that rapid scaling had compressed margins. J.P. Morgan was hired in mid-2024 to explore exit options, but as of early 2026, no deal has materialized.
Controversies
Layoffs and stalled sale process
In January 2026, Puck reported that Makeup by Mario laid off more than a third of its workforce as the company attempted to reach profitability. Despite being “universally considered the market maker” among makeup brands exploring sales, no acquisition has closed. The brand reportedly has “less growth levers to pull” because it matured so quickly within Sephora’s ecosystem.
Glow Recipe trademark lawsuit
In March 2026, Glow Recipe sued Makeup by Mario over the use of “Watermelon Glow” as a shade name for a lip serum. Glow Recipe claims it invested over $56 million building “Watermelon Glow” as a brand identifier. Legal analysts note that using the phrase as one of many shade names (alongside Strawberry Glow, Cherry Glow, and others) is typically treated differently by courts than using it as a product name. The case is ongoing.
What You Can Learn
Spend years teaching before you sell anything. Dedivanovic spent 11 years running masterclasses before he ever asked anyone to buy a product. By launch day, he didn’t need to explain who he was or why his products were worth buying. That trust cannot be manufactured with a marketing campaign, and the 30,000 students who paid $500 to $1,300 each for his instruction became the most qualified customer base any beauty founder has ever had.
Self-funding forces better decisions. When there’s no outside capital to fall back on, every product launch has to work. Dedivanovic built a brand that doubled revenue every year for three years with no VC money, which meant lean operations, careful SKU planning, and no room for expensive mistakes.
One great retail partner beats five mediocre ones. The Sephora-exclusive strategy gave the brand prestige positioning and global reach through 1,600+ stores. Going exclusive means giving up multi-channel distribution volume, but every customer interaction happens in an environment that matches the brand’s identity.
Growth has costs that revenue can hide. The brand doubled revenue every year and hit a $200 million valuation, but in January 2026 it laid off a third of its workforce and struggled to find a buyer. Rapid growth in prestige beauty requires infrastructure that can outpace revenue if margins aren’t carefully managed.
Frequently Asked Questions
Who is Mario Dedivanovic?
Mario Dedivanovic is an Albanian-American makeup artist from the Bronx who became one of the most famous makeup artists in the world through his partnership with Kim Kardashian. He started at Sephora at age 17, popularized contouring as a mainstream technique, and taught over 30,000 students before launching his own brand in 2020.
Where is Makeup by Mario sold?
Exclusively at Sephora (over 1,600 stores globally) and makeupbymario.com. The brand is not available at Ulta, Target, Amazon, or any other retailer.
How much is Makeup by Mario worth?
The brand was valued at over $200 million in January 2023 when it received a $40 million minority investment from Provenance and Silas Capital. J.P. Morgan was hired in mid-2024 to explore exit options, but no deal has closed as of early 2026.
Is Makeup by Mario owned by Kim Kardashian?
No. The brand is majority-owned by Mario Dedivanovic. While their partnership built his public profile, Makeup by Mario is an independent company with no Kardashian ownership or involvement.
What is the best-selling Makeup by Mario product?
The Master Mattes eyeshadow palette holds the #1 position among all eyeshadow palettes at Sephora globally.
Who founded Makeup by Mario?
Mario Dedivanovic founded the brand and launched it on October 1, 2020, his birthday and 20 years to the day after he started as a fragrance consultant at the same Sephora Flatiron location. He had spent two decades building himself into one of the most famous makeup artists in the world, including a long partnership with Kim Kardashian.
Who owns Makeup by Mario?
Mario Dedivanovic holds majority ownership and remains CEO. He self-funded the brand for its first two and a half years, then accepted a $40 million minority investment from Provenance and Silas Capital in January 2023 at a $200 million-plus valuation. Total outside funding sits at roughly $45 million.
When was Makeup by Mario founded?
The brand launched on October 1, 2020, mid-pandemic, with 21 products priced from $14 to $48. Dedivanovic began developing it in 2017 and timed the debut to mark 20 years since he started his career at Sephora.
How much revenue does Makeup by Mario generate?
The brand reached an estimated $225 million in retail sales in 2023, doubling revenue every year for three consecutive years from launch. Projected 2024 retail sales were around $300 million, though rapid growth strained operations and the company laid off more than a third of its workforce in January 2026.
Sources
- Business of Fashion, “Makeup by Mario Secures Minority Investment at $200 Million Valuation,” January 2023. Valuation, revenue figures, self-funding history.
- Business of Fashion, “Makeup by Mario Hires Investment Bank to Explore Exit Options,” 2024. J.P. Morgan hire, $300M projected revenue.
- Puck, “Why No One Has Acquired Makeup by Mario,” January 2026. Layoffs, profitability challenges, stalled sale process.
- Fashionista, “How Mario Dedivanovic Went From Sephora Employee to Kim Kardashian’s World-Famous Makeup Artist,” February 2018. Career history and Kim Kardashian partnership.
- ABC News, “How Kim Kardashian’s Makeup Artist Started His Business From a Shoebox”. Nike shoebox origin story, early career.
- E! News, “Kim Kardashian’s Makeup Artist Reveals He Was Once Pressured to Stop Working With Her”. Agent anecdote, early partnership.
- PR Newswire, “Makeup By Mario Receives Growth Equity Investment From Provenance and Silas Capital,” January 2023. Investment details and investor backgrounds.
- BeautyMatter, “Makeup by Mario: An Overnight Success 20 Years In the Making (FUTURE50 2024)”. Brand strategy and growth trajectory.
- WWD, “Mario Dedivanovic: The Making of the Master Class”. Master Class history and evolution.
- Refinery29, “Mario Dedivanovic Launched His Makeup Line At Sephora,” September 2020. Launch details and Sephora connection.
- The Fashion Law, “Glow Recipe Is Suing Makeup By Mario Over ‘Watermelon Glow’ Mark,” March 2026. Trademark lawsuit details.
- Business of Fashion, “Makeup by Mario Appoints Global President,” March 2026. Melissa Sperau appointment.