Company Emerges from Bankruptcy; Appoints Former Outdoor Voices Executive as New CEO
Forma Brands, the beauty company that owns the makeup brand Morphe, has announced a new long-term growth strategy focused on global wholesale and e-commerce operations. Cliff Moskowitz, who previously served as interim CEO at athletics apparel brand Outdoor Voices, has been appointed as the new CEO of Forma Brands.
The new strategy comes after Forma Brands exited bankruptcy through a completed sale to its investor group, which includes funds managed by Cerberus Capital Management, Jefferies Finance, and FB Intermediate Holdings. The specific details of the sale terms were not disclosed in the press release.
Forma Brands entered bankruptcy in January, just a week after closing all U.S.-based Morphe stores. The COVID-19 pandemic, widespread changes to consumers' beauty habits, and the termination of deals with certain influencers led to liquidity and operational issues for the company.
Despite these challenges, Forma Brands is excited about the opportunities ahead for its multi-category portfolio of innovative beauty brands. Simon Cowell, President of Forma Brands, stated that this marks the start of an exciting new chapter for the company.
One of the significant developments during this new chapter is the licensing agreement that Forma Brands entered into with Ariana Grande's brand R.e.m Beauty in December 2020. However, in October, Grande's company claimed that the license agreement was validly terminated. In a recent turn of events, Grande agreed to buy back R.e.m Beauty assets for $15 million.
Forma Brands now has the new capital and the support of its Investor Group to execute its new growth strategy. The company is shifting its long-term growth plans after emerging from bankruptcy, focusing largely on global wholesale and e-commerce operations.
While there is no publicly available or disclosed information about Forma Brands' post-bankruptcy long-term growth strategy or the impact of its acquisition by the investor group, it is clear that the company is looking forward to a promising future. For the most current details, it is recommended to check Forma Brands’ official press releases, investor communications, or recent news directly from their corporate website or trusted business news sources.
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