While Coty beds in the 43 beauty brands it purchased from Proctor & Gamble, its competitors have been left an open playing field to shop for new additions to their portfolios. And speculation abounds as to the fate of P&G’s remaining prestige skin care brand SK-II, which was not included in the sale to Coty.

Unilever has taken full advantage of the opportunity to snap up new brands for its fast-growing prestige portfolio, acquiring Dermalogica and Murad skin care in the last three weeks while its competitors were otherwise engaged jostling for the P&G beauty business.

After a record year for deal-making in 2014, Estée Lauder is also thought to be in the running for further acquisitions, and now would be the ideal time to search – less bidders equals lower prices. Industry insiders have pegged Lauder as a likely buyer for P&G’s luxury SK-II skin care business, or niche supplement and skin care brand Perricone MD, according to a report in Bloomberg Business.