Ariana Grande set to buy r.e.m. beauty’s assets for $15 million
Ariana Grande has reached a deal to buy assets tied to her r.e.m. beauty brand from Forma Brands, which filed for Chapter 11 bankruptcy last month.
The agreement to purchase r.e.m. beauty's physical assets from Forma Brands, which includes all existing inventory, is estimated at $15 million, according to Bloomberg.
Forma Brands, the parent company of Morphe Cosmetics, filed for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Delaware on 12 January 2023.
At the time, the firm also announced it had entered into a definitive purchase agreement with a group of secured lenders, under which all of Forma Brands' assets would be acquired.
Bloomberg reported that Forma Brands had already agreed to end its licensing agreement with r.e.m. beauty shortly before its Chapter 11 filling. The transaction will however need approval from the court overseeing Forma Brands' bankruptcy case.
The news follows the launch of r.e.m. beauty at Sephora, bringing its range of skincare-infused makeup to consumers in Europe. The brand will now launch at 81 stores and 13 online sites across Europe, including Sephora UK on 13 February 2023.
Founded in 2021, r.e.m beauty is inspired by Grande's signature looks and makeup routine. Since its launch, the brand has released four 'chapter' collections, including ultraviolet, goodnight & go, on your collar and out of body.
