Forma Brands, the parent company of Morphe, Morphe 2 and Lipstick Queen, is filing for Chapter 11 bankruptcy.
, the multihyphenate’s beauty brand, but it will remain unaffected by the proceedings. Industry sources with direct knowledge of that business said that Forma was R.e.m. Beauty’s licensee, and that the brand was finalizing arrangements to take its operations in-house. The brand is said to perform well. In retail partner Ulta Beauty’s most recent earnings call, R.e.m. Beauty was cited as an engine for sales growth in makeup, Ulta’s largest category.
R.e.m. Beauty did not immediately respond to WWD’s request for comment, nor did Forma on the nature of its relationship with R.e.m. Although R.e.m., which launched in 2021, helped in makeup’s broader recovery, pandemic-induced challenges in makeup factored into Forma’s declines. Controversies among the influencers it partnered with, including Star and Charles, led it to sever ties with them. Supply chain woes also hurt the company’s top line.
The company’s C-suite was also rejiggered. Last year, Eric Hohl, longtime president of Too Faced, was named chairman and chief executive officer of Forma Brands, succeeding Myles McCormick. Hohl’s résumé includes roles at Hard Candy, Billabong and Ashworth.”Following a careful evaluation of all aspects of our business, we have made the strategic decision to enhance our focus on the company’s wholesale and e-commerce operations going forward.
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