Ariana Grande is set to acquire the assets tied to her r.e.m. beauty brand after the parent company filed for bankruptcy.
Key Details
- Popstar Ariana Grande has reportedly reached a deal to buy the physical assets of her beauty brand for an estimated $15 million.
- Her brand, r.e.m. beauty, was owned by Forma Brands, which recently filed for Chapter 11 bankruptcy.
- The deal will need to be approved by the judge overseeing the bankruptcy case in Delaware, according to court documents.
Why it’s news
Ariana Grande will be buying the assets of her r.e.m. beauty brand, including all physical assets and existing inventory, following the parent company, Forma Brands bankruptcy.
Forma had previously agreed to end licensing with Grande’s brand, which has opened the door for her to buy the assets.
According to court records, Grande and her team have attempted to take control of r.e.m beauty since October 2022, after Forma Brands began to consider filing for bankruptcy.
She licensed her name, image, and likeness exclusively to the company Forma Brands in December 2020. The makeup line was solely online before debuting in Ulta beauty stores in 2022.
Forma brand executives expected the r.e.m beauty brand to have about $84 million in sales for the fiscal year 2022, but the company did not meet the projections.
Grande or her team have yet to say the next steps for the company after Grande acquires all assets.
