Cosmo Roe has a knack for being where the action is and he’s now zeroing in on the well-heeled with a new gig — head of global luxury and beauty in Goldman Sachs’ investment banking business. Roe, who joined the banking giant in 2007, has recently nurtured an affinity for beauty, shepherding Tom Ford’s sale to The Estée Lauder Cos., Creed’s sale to Kering, the sales of Charlotte Tilbury, Byredo and Dr. Barbara Sturm to Puig and more.
While buying into beauty has been a game for the big strategics like Lauder or L’Oréal or deep-pocketed private equity, the IPO market is opening the aperture some and letting more investors get in on the action. “I don’t think the pace of M&A will slow down particularly, but people are being more selective because to some extent the barriers to entry for new brands have come down a little bit,” Roe said.
“There’s an opportunity to be more creative with M&A in the space than there has been for a long time,” Roe said. “Just as there is in the beauty market, there’s a lot of private capital looking for a way to play the luxury market right now.”“Although we’re going through a slightly more fragile time in terms of consumer demand, I think the long-term thesis around structural growth in the luxury market ,” he said.
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