Glanasol, the prestige parent company of beauty brands, Clark’s Botanicals, Laura Geller Beauty, and Julep, filed for Chapter 11 bankruptcy protection on December 19th. Glanasol (which means “pure life” in Irish), was founded in 2016 through a partnership between former Revlon President and CEO, Alan Ennis, and private equity firm, Warburg Pincus. Principals at Glanasol attribute the venture’s failure to declining sales (based on the reduction of brick and mortar business), poor product projections, and chargebacks.
AS Beauty, owned by the Shamah (e.l.f. Beauty) and Azrak families, has proposed to purchase all three brands in an offer of $16.2 million. “AS Beauty really values the opportunity to be able to manage three prestige brands that have a lot of runway for growth in their current distribution channels, and being able to run [prestige brands] with a lot of the operational efficiencies we’ve had from the previous companies we’ve run,” Joey Shamah told WWD Thursday.