Amyris auctions off brands to highest bidders including THG
Biotech firm Amyris, the parent company of JVN and Rose Inc., has sold four of its consumer beauty brands to the highest bidders at auction.
Just months after Amyris filed for bankruptcy, the giant let go of brands Biossance, 4U By Tia, Menolabs and Pipette.
Centred around Amyris’ superstar ingredient, squalane, Biossance was considered the best brand in the group's portfolio. According to court documents, the skincare brand was sold to online beauty retailer THG Beauty for £15.8 million ($20 million). THG owns online retailers including Cult Beauty and Lookfantastic, and brands such as Perricone MD and Espa.
Scent Theory Products paid £476,000 ($600,000) for 4U By Tia - the brand launched in partnership with Tia Mowry to fulfil the needs of those with 2A through 4C hair textures with a line of purpose-driven products.
Dr. Reddy’s Labs paid £2.37 million ($3 million) for Menolabs, a company that creates probiotics for women in perimenopause, menopause and midlife. What's more, HRB Brands paid £1.38 million ($1.75 million) for the clean baby care brand Pipette.
As of yet, Amryis has not yet announced plans to sell its remaining brands including Naomi Watts' Stripes, JVN by Queer Eye star Jonathan Van Ness and Rose Inc. by model Rosie Huntington-Whiteley.
In October, Francisco Costa, the former Calvin Klein designer, bid to pay £276,000 ($350,000) to buy his brand Costa Brazil back from Amyris after it revealed that it would be shuttering the brand.
On filing for bankruptcy back in August, Han Kieftenbeld, Interim CEO and CFO of Amyris, said: "We believe the step forward our company has taken puts us on the best path to address our financial challenges and achieve a comprehensive solution – rooted in Amyris' ground-breaking science, formulation capabilities, and technology.
"Our aspiration to become the most efficient and productive biotechnology company in our industry has not changed.
"At the end of this restructuring process, we believe that Amyris will emerge as a financially stronger company with a more focused business model and well-defined path to profitability."
