There’s no question the beauty industry is currently in a state of flux, with the daily headlines constantly cycling between news of mergers and closures, bankruptcies and acquisitions. And this morning is much the same. We have news that color cosmetics brand TréStique has filed for chapter 11 bankruptcy in New Jersey, and that Natura & Co might be able to solve some of its financial woes once its sale of Aesop is complete. And lastly, that American Exchange Group, the company that owns Aerosoles and White Mountain Footwear, is attempting to break into beauty with the acquisition of HatchCollective, an LA-based company that specializes in beauty and personal-care brand incubation. You can read these stories and more of today’s top news in the link below.
BeautyStat Names Yaso Murray its First CMO. Murray was most recently the CMO at Image Skincare and has worked for some of the biggest skin-care companies in the world including Philosophy, La Prairie, and Estée Lauder Companies. Here, she speaks to CEW about her new role and the goals she has for the company. (CEW)
TréStique Parent Company Files for Bankruptcy Amid Dispute Between Founders. Relaunched in 2021, the beauty brand was founded by Intercos veterans Jennifer Kapahi and Jack Bensason in 2015. The bankruptcy case reveals infighting over control of the cosmetics brand. (WWD)
American Exchange Group Jumps into Beauty with the Acquisition of HatchCollective. The New York-based company will rename HatchCollective — which is a brand incubator company based in LA — AX Beauty Brands, and will use the company to devise personal care and beauty products for American Exchange Group’s non-personal care and beauty brands. (CEW)
Brazil’s Natura Sees Cash Boost Later in Year Following Q2 Loss. With money from the closing of its sale of Aesop to L’Oréal, Natura & Co believes its leveraging issues will be solved and its debts paid in Q3 and Q4 respectively, and also plans to use some of the funds to invest in advertising and store restructuring. (Business of Fashion)
Unlocking B2B Small Business Growth, by Speeding Up the Payment Process. Now Account — founded by Lara Hodgson and politician Stacy Abrams — is a credit card-like system that aims to help small businesses get paid quickly by clients that are large corporations or government agencies. It’s a financing option that could unlock substantial economic growth. (Forbes)
NYC Bans TikTok on Government Phones. The directive, which came from Mayor Eric Adams’ administration, means New York City is now aligned with both New York State and federal policy. (Politico)
Brands Call for End to UK’s Shopping ‘Travel Tax’ as Tourists Choose Europe. When the UK left the EU in 2020, tax-free shopping was put on hold for tourists, and many brands, retailers, and hospitality companies were adversely affected. Westminster will debate on the issue on September 7. (Glossy)