Lifestyle And Fashion
According to a court document, Ariana Grande and a business that just filed for bankruptcy have come to an agreement to purchase assets connected to her r.e.m. cosmetics brand.
The agreement to purchase the physical assets of r.e.m. from Forma Brands, including the current inventory, is estimated to be worth $15 million. According to court records filed on Jan. 27, the deal needs the judge supervising the bankruptcy case in Delaware's approval. Before filing for Chapter 11, Forma, the company that owns the Morphe cosmetics brand, had previously agreed to terminate a license deal with r.e.m., opening the door for the asset sale.
According to court documents, Grande and her team have been attempting to retake control of the brand since October 2022, or about the time Forma executives first disclosed the company was considering bankruptcy as one of several possibilities to strengthen its precarious financial condition.
The 29-year-old pop sensation introduced her space-themed beauty line shortly after licensing her name, image, and likeness exclusively to Forma Brands in December 2020. According to the cosmetics retailer Ulta Beauty, its goods made their debut in store last year and were a major contributor to sales in the three months that ended on December 1.