Huda Kattan started her beauty business with a $6,000 loan, building a cosmetics brand that would eventually attract tens of millions of followers online. In 2017, the company brought in investment firm TSG Consumer Partners, which acquired a minority stake as Huda Beauty continued to expand. Eight years later, that partnership ended, with Kattan regaining full ownership of the business. As reported in June 2025, the change followed a restructuring involving Kayali, the fragrance brand co-founded by her sister Mona Kattan. The move puts Huda Beauty back under founder ownership, giving the company a different financial and operational footing as it concentrates on cosmetics.
How Huda Kattan turned a $6,000 loan into a global beauty brand
Huda Beauty was founded in 2013, following Kattan’s work as a makeup artist and beauty blogger. Initially, the brand became known for its false eyelashes. By giving beauty advice and product recommendations online, she created her audience and gradually turned her interest into a business.Kattan’s online presence played a significant part in the company’s growth. Her tutorials and product content helped introduce Huda Beauty to customers, while the brand developed a presence beyond social media through retail and e-commerce. By June 2025, its Instagram account had reached 54.2 million followers, according to Forbes Middle East.The business grew from its modest beginnings into an established cosmetics company. Its early $6,000 loan became part of the story of how Kattan began building the brand, although the company’s later ownership arrangements reflected a much larger operation.
TSG Consumer Partners’ minority stake in Huda Beauty ended in 2025
Huda Beauty entered into a partnership with TSG Consumer Partners in 2017. The investment firm acquired a minority interest in the company, giving it a stake in the business while Kattan remained closely involved in its direction and public identity.The partnership continued for eight years. During that period, Huda Beauty expanded its product offering and maintained a substantial following in a competitive beauty market. Kattan remained a central figure in the business, working alongside her husband, Christopher Goncalo, who serves as co-CEO. The arrangement ended in 2025, when the company confirmed that it had reached an agreement to bring TSG’s involvement to a close. The financial terms of the buyback were not disclosed in the Forbes Middle East report, and the amount paid for the investor’s stake was not specified.
How Kayali’s separation helped reshape Huda Beauty’s ownership
The return to full founder ownership followed a change involving Kayali, the fragrance company co-founded by Kattan and her sister Mona in 2018. In February 2025, Huda Beauty announced that it was divesting its interest in the fragrance business.Kayali moved to a separate ownership structure, with Mona Kattan co-owning the brand alongside growth equity firm General Atlantic. Mona continued as its chief executive, allowing the fragrance business to pursue its own expansion plans.The restructuring also enabled Huda Beauty to repurchase the shares held by TSG Consumer Partners. With the investor’s minority stake bought back, the cosmetics company returned to full founder ownership. The separation left Huda Beauty focused on its core cosmetics operations and Kayali operating independently under Mona’s leadership.
The ownership shift leaves Huda Beauty’s leadership unchanged
Kattan continues to run Huda Beauty as co-CEO alongside her husband, Christopher Goncalo. Her sister Alya Kattan leads global social strategy, maintaining a role in the digital activity that has been closely associated with the brand since its early years.The ownership change did not come with an announced change to the senior leadership structure. Instead, it altered who owns the company, bringing an end to TSG’s position as a minority shareholder.In a statement reported by Forbes Middle East, Kattan said she was committed to pushing boundaries while staying true to the brand’s roots and community. The announcement presented the buyback as the beginning of a new phase for the business, although the company did not disclose the financial details of the transaction.
An established brand returns to founder control
Huda Beauty’s return to full founder ownership marks a change from the investment arrangement established in 2017. Outside investors can provide resources and support for expansion, but they also acquire an ownership interest in the businesses they back. Buying out TSG has brought that shared ownership arrangement to an end.The company’s journey from a business launched with a $6,000 loan to an established cosmetics name provides the background to the decision. Its large online audience and product range reflect the growth achieved since 2013, while the 2025 transaction resets its ownership structure.
