This study develops an empirical investigation of trust antecedents and consequences in creating a collaborative business relationship between distribution companies and retailers in the cosmetics market. A conceptual framework based on trust antecedents as inputs and trust consequences as outputs is designed for both parties. In order to evaluate the performance and effectiveness of each considered trust factor for each party, a fuzzy data envelopment analysis (FDEA) based approach is proposed. In order to demonstrate the applicability of the proposed model, a real-life case study is considered. The required data are collected using interview and questionnaires, and the reliability of the collected data is examined using the Cronbach’s alpha. The obtained results indicate that there is no significant difference between both parties’ tendency towards building a collaborative business relationship based on trust. The results also indicate that information sharing is not an effective trust antecedent for both parties. The “product quality” and “product price” are the most effective trust antecedents for retailers, while the “retailer’s financial conflicts records” along with “length of partnership” are the most effective trust antecedents for distribution companies. Finally, the most effective trust consequences for distribution companies and retailers are “information sharing” and “brand advertising”, respectively.