Amyris is exiting the celebrity beauty business. Just days after shutting down three of its labels, including Brazilian skin, hair and fragrance line Costa Brazil and clean beauty retailer Onda Beauty, the company filed for Chapter 11 bankruptcy protection and said it would sell off its remaining brands. According to a Delaware bankruptcy court filing, the company listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 to $10 billion. Amyris said it had secured a $190 million financing commitment from Foris Ventures to support continued day-to-day operations. The bankruptcy filing caps off a tumultuous year for Amyris. In February, it sold its proprietary sugarcane-derived squalane ingredient to Givaudan for $200 million cash and $150 million in performance-based earnouts, a deal it previously expected to yield $350 million cash. Read the full story on why the manufacturer-turned-incubator has filed for Chapter 11 bankruptcy and put its consumer businesses, including lines from Jonathan Van Ness and Rosie Huntington-Whiteley, up for sale.
The Business of Fashion’s Post
More Relevant Posts
-
Imran Amed shares his key findings from recent fashion weeks in London, Milan and Paris as the industry grapples with a slowdown that has raised questions about the long-term business model of the luxury sector. Sign up here to get the full briefing in your inbox each Saturday.
What I Learned at Fashion Month
The Business of Fashion on LinkedIn
-
This week on The BoF Podcast, Imran Amed sits down with the newly-appointed creative director of Gap Inc. Zac Posen https://lnkd.in/e_NYyX4X
-
-
Kim Jones is leaving Fendi and will ‘concentrate fully’ on his role as menswear artistic director at LVMH stablemate Dior. https://lnkd.in/eHJBajMY
-
-
The Row, KHAITE and TOTEME are three of the most prominent examples of brands benefitting from a post-quiet luxury desire for pared-down beautiful clothes. https://lnkd.in/e3XWHNyd
-
-
Looking for a new role in fashion? Seiya Nakamura, Gucci, Mac Duggal and more are hiring: Chief Operating Officer at Seiya Nakamura: https://lnkd.in/ek5M4kaS Store Director at Gucci: https://lnkd.in/eAaZCCps Halfpenny London: https://lnkd.in/eVpFpEkx #Careers
-
-
Michelle Peluso joins the firm from drugstore chain CVS Health, where she was chief customer and experience officer, and replaces interim chief executive Liz Smith. https://lnkd.in/gXRQgEVF
-
-
From supplements to workout plans, the term GLP-1, the hormone associated with Ozempic, is popping up on a widespread range of new products as wellness brands join in on the weight loss drug boom. https://lnkd.in/eqywRicW
-
-
The role of sample sales is evolving from discreet inventory clearances to prominent marketing events, as brands leverage social media and enhanced experiences to engage a wider audience and generate sales. https://lnkd.in/e6Uapk7e
-
-
Elizabeth von Guttman, Jonathan Wingfield and Thomas Lenthal are leaving the fashion title with plans to launch a new editorial venture next year. https://lnkd.in/d_-7P_-G
-
-
In 2024, major economies are still experiencing stunted recovery and tentative growth across the globe: the UK’s economic recovery has slowed over the past two quarters, according to the BBC; in the US, credit card debt has hit a record high of $1.14 trillion, according to the Federal Reserve Bank of New York; in China, GDP growth is forecast to miss government targets by 0.2 percent, according to the Bank of America. What’s more, while US government data revealed that monthly US consumer prices dropped for the first time in four years as inflation subsides, apparel prices still rose 0.1 percent from the previous month. In this context, fashion brands vying for the discretionary expenditure of aspirational customers need to provide a compelling reason for that consumer to part with their money. This cohort is increasingly considered in where and how they spend, meaning brands must carefully consider how they connect with this consumer and how they can show up in the places they spend time. To learn more about how brands can authentically invest in brand activations, and how to measure their performance, BoF and Ekimetrics hosted a roundtable discussion at Mortimer House in London in September, gathering marketing leaders from across the UK’s fashion industry. Read more.
Evolving Measurement Techniques to Optimise Brand Marketing Success
businessoffashion.com
I Launch & Scale Premium Brands with a laser focus on Customer Acquisition and Brand Management. Luxury | Beauty | Fashion | Tech are our playground. Let’s elevate your vision. DM me. Let's go. 😎⚡️
1yAmyris hittin' that exit on the celebrity beauty business? Man, that's a twist nobody saw coming. Going from shutting down labels like Costa Brazil and Onda Beauty to filing for Chapter 11 bankruptcy protection? It's more than a stumble; it's a fall. Amyris ain't just another company going through a rough patch. They were on to something, working on innovation, trying to redefine the game. Now they've got to find a way back. Bankruptcy? It's a wake-up call, not a death sentence. With lines from Jonathan Van Ness and Rosie Huntington-Whiteley up for grabs, there's still value, still potential. It's a chance for Amyris to refocus, to find their true north again. So, while the rest of the world's reading this full story, wondering what went wrong, we should be watching for what comes next. This ain't just a tale of defeat; it's a lesson in resilience. Amyris stumbled, no doubt, but the real story? It's how they rise again. Keep watching. The game ain't over yet.