Now-bankrupt Amyris has found buyers for some of its brands.
After filing for Chapter 11 bankruptcy in August, the company decided to sell off its consumer brands individually in an auction held by the bankruptcy court of Delaware. British beauty e-commerce company THG, formerly The Hut Group, snapped up Biossance for $20 million, according to documents seen by The Business of Beauty. Biossance was the company’s most lucrative line, making up 48 percent of net sales in the first half of the year.
Pipette, a baby care line, sold for $1.75 million to HRB Brands, a Connecticut-based company that has a predominantly hair care portfolio. MenoLabs, a supplement company specialising in menopause care went to Indian pharmaceutical company Dr Reddy’s for $3 million. 4U By Tia, a hair care line for curly hair launched in partnership with entertainer Tia Mowry was purchased by Scent Theory Products for $600,000, the documents show.
This follows Larissa Thompson, co-founder of clean beauty retailer Onda Beauty regaining its ownership for $220,000 in October. It had been sold to Amyris last year for $4.9 million.
It’s still unclear if a bidder has emerged for Amyris’ remaining brands, which include Rose Inc and JVN Hair, make up and hair care lines launched in partnership with the model Rosie Huntington Whiteley and celebrity hairstylist Jonathan Van Ness respectively.
According to people familiar with the matter, Amyris was considering offers for its consumer brands until Dec. 1.
There’s also the menopause-focused beauty line called Stripes, created with the actress Naomi Watts. In October, Francisco Costa made a bid to buy back Costa Brazil, a skin, hair and fragrance company he founded.
In 2022, Amyris had total consolidated sales of $270 million. By 2023, softening demand saw revenue drop to $59 million.
Learn more:
Why Beauty’s Biggest Conglomerates Are Selling Off Their Brands
As strategics like Unilever and L’Oréal divest from once-core lines, a more selective approach to M&A is underway.
