Oddity Tech, the owner of makeup brand Il Makiage and wellness brand SpoiledChild, reported $647 million in net revenue for the full year 2024, representing a 27% growth from 2023’s $509 million in net revenue. The company, which went public in 2023, achieved $124 million in net revenue in the fourth quarter, a 27% increase from the same period in 2023. According to Oddity, Il Makiage contributed more than $500 million in revenue in 2024.
Those results stand in contrast to recent earnings from big beauty players like Coty and Estée Lauder, which reported declining revenues for the second quarter of fiscal year 2025 largely due to falling sales in color cosmetics. But it is not the only company to buck the trend: E.l.f. Beauty, owner of the affordable cosmetics brand E.l.f., reported 31% growth for the third quarter of 2025.
Oddity CFO Lindsay Drucker attributes much of the success of Il Makiage, at a time when makeup brands are struggling, to its digital-first business.
“Our business is online only and has been very strong,” said Drucker. “This shift has been happening all along, but it just seems to be having more impact in the last several months [because] consumers are moving online. There are just too many points of distribution with too much product, and it’s creating challenges for brick-and-mortar brands.”
In 2024, short seller Ningi Research alleged that Oddity had misled investors about the nature of its online-only business, claiming that it derives much of its revenue from physical stores in Israel. Oddity has denied such allegations and told Glossy that the claims have been debunked. According to Oddity’s earnings released on Tuesday, online direct-to-consumer sales made up 95% of its net revenue in 2024. Other revenue, including retail sales in Israel, made up the remaining 5%.
Drucker said Oddity has retained a positive cash flow in part because it has focused on building brands rather than acquiring them. The company launched anti-aging brand SpoiledChild in 2022.
“A lot of beauty companies are very acquisitive,” said Drucker. “They typically pay five to 10 times revenue to acquire new brands. That means SpoiledChild, if you were to try to buy it today, would be around a billion dollar business to buy, and we spent 20 million bucks to launch it.”
Looking ahead to the end of 2025, Oddity projects that it will end the year with net revenue between $776 million and $785 million. It is also in the process of building out two new brands, including a telehealth platform dedicated to treating medical-grade skin issues that is slated to launch in the second half of the year.
“The [beauty] industry is still incredibly attractive from our perspective. It’s one of the most attractive and lucrative markets in the world,” said Drucker. “Many of these incumbents are not positioned for where the consumer is. They’re not positioned for the future. They’re playing defense. And it gives us a chance to double down on our offense, which has been working and we think will continue to work.”
