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Estée Lauder is looking to sell cosmetics brand Too Faced, Axios Pro has learned.

Why it matters: Breakups are coming for Big Beauty.

Behind the scenes: Too Faced, known for its Better Than Sex mascara brand, was identified as a candidate for sale, two sources say, as part of an ongoing strategic review led by Evercore that also has led to thousands of job cuts.

Estée also may bring its GlamGlow and SmashBox brands to market, two other sources say.

Catch up quick: Estée launched the review in January, shortly after naming Stéphane de La Faverie as CEO.

Estée told shareholders in August that "retail softness" contributed to a sales decline in the company's makeup division, with Too Faced reporting "lower-than-expected results in key geographic regions and channels."

Evercore advised Estée when it bought Too Faced in 2016 from General Atlantic for $1.45 billion, which was then its largest deal.

State of play: Increased deal activity comes as consumers are trading down from prestige products like Too Faced to more affordable "mass-tige" products.

Unilever on Tuesday sold its Kate Somerville brand to Rare Beauty Brands.

Coty is reviewing its beauty portfolio — which includes CoverGirl and Rimmel — to focus on its more popular fragrance unit.

Kenvue reportedly may sell some of its skin and beauty brands.

Zoom out: Beauty is far from the first consumer-dependent sector to see its biggest players under pressure to slim down. 

Just ask Keurig Dr Pepper, PepsiCo and Kraft Heinz.

Go deeper: Jamie Dimon warns about cracks in the consumer

Editor's note: This story has been corrected to say Unilever sold Kate Somerville to Rare Beauty Brands (not Rare Beauty by Selena Gomez).

Jamie Dimon warns about cracks in the consumer

Scoop: Estée Lauder to bring Too Faced to market

Breakups are coming for the beauty segment as consumers adjust.

illustration of loose pink makeup powder in shape of a dollar symbol next to a makeup brush

Estée Lauder is looking to sell cosmetics brand Too Faced, Axios Pro has learned.Why it matters: Breakups are coming for Big Beauty.

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Scoop: Estée Lauder to bring Too Faced to market

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