The range, which will be aimed at adults, is due to be rolled out in the spring. It is thought it will feature both Barbie and MAC branding.
Although Barbie has extended into cosmetics in the past, it has previously targeted young girls. The MAC deal is understood to be part of an on-going strategy to reinvigorate the Barbie brand by tapping into an adult fan base.
The toy firm launched a range of adult accessories and apparel in the US last year, co-branded with designers including Anna Sui and Tarina Tarantino.
A spokeswoman said there were plans to bring these collections to the UK.
Mattel also has a range of collectible Barbies, dressed in outfits designed by Christian Dior, Versace, Giorgio Armani and Badgley Mischka.
Mattel's net sales grew 7% in the third quarter of this year, from $1.67bn (£880m) last year to $1.79bn (£940m).
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