Merger and acquisition activity in the Personal Care industry reached a record high of 102 transactions in 2015, surpassing the previous high of 100 transactions in 2012. Within the industry, strategic companies continue to consolidate as a means of growth and account for 86% of the total deal volume. Historically, large brands such as Unilever, P&G, and Coty have acquired complementary brands in in both emerging and mature markets to spur growth.