Blackstone bet on ZO Skin Health, a brand you won’t find at Sephora. Now it could be worth $2 billion

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  "data": {
    "url": "https://fortune.com/2026/09/19/blackstone-zo-skin-health-brand-you-wont-find-at-sephora-2-billion/",
    "title": "Blackstone bet on ZO Skin Health, a brand you won’t find at Sephora. Now it could be worth $2 billion",
    "assets": "ZO Skin Health",
    "author": "Bilin Lin",
    "excerpt": "Beauty brands can command eye-popping prices, whether they’re celebrity-founded and internet-famous or built around a doctor’s name. E.l.f. Beauty agreed to pay up to $1 billion for Hailey Bieber’s Rhode , Coty paid $600 million for 51% of Kylie Cosmetics , and Shiseido spent $450 million on Dr. Dennis Gross Skincare. Now Blackstone is testing whether a far less famous skincare name can command an even higher valuation. The investment firm is exploring a sale of ZO Skin Health that could value the company at around $2 billion, Reuters reported this week, citing people familiar with the matter. Unlike celebrity-driven brands such as Rhode or Kylie Cosmetics, ZO built much of its business not through influencers or department stores but through dermatologists and medical-aesthetics practices. Founded in 2007 by dermatologist Dr. Zein Obagi, ZO initially followed a more traditional beauty-retail path, launching at Nordstrom that same year, according to the company’s own timeline. But it soon moved away from department-store shelves and reoriented around physicians instead. Imagine walking into a dermatologist’s office or med spa with acne, pigmentation, or signs of aging. Instead of scrolling past a TikTok creator calling a serum “so good,” a professional tells you your routine should include a cleanser, exfoliant, serum, and treatment cream. For consumers already seeking help...",
    "summary": "Blackstone is exploring a sale of its portfolio company, ZO Skin Health, which could be valued at around $2 billion.",
    "planning": true,
    "image_url": "https://fortune.com/img-assets/wp-content/uploads/2026/09/GettyImages-2168531707.jpg?resize=1200,600",
    "confidence": 0.9,
    "published_at": "2026-09-19T08:41:00Z",
    "article_sentence": "The investment firm is exploring a sale of ZO Skin Health that could value the company at around $2 billion, Reuters reported this week, citing people familiar with the matter.",
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