6 December 2023
Biotech beauty company Amyris sells off four consumer brands, including popular skincare label Biossance, as part of its bankruptcy restructuring process.
Amyris, a biotech beauty company known for its sustainable and clean beauty products, recently filed for voluntary Chapter 11 bankruptcy. As part of its restructuring efforts, the company has auctioned off four of its consumer brands, including Biossance, a popular ‘clean’ skincare label. This move comes as Amyris aims to streamline its business and focus on its core operations. The auction attracted several bidders, with the US business of Lookfantastic and Cult Beauty owner THG Beauty successfully acquiring Biossance for $20 million. Let’s delve into the details of this auction and the implications for Amyris and the brands involved.
Biossance Acquired by THG Beauty for $20 Million
THG Beauty, the owner of Lookfantastic and Cult Beauty, emerged as the successful bidder for Biossance, acquiring the clean skincare brand for $20 million. Biossance’s products are known for their use of a hydrating molecule derived from sustainable fermented sugarcane. This acquisition aligns with THG Beauty’s focus on expanding its portfolio of sustainable and clean beauty brands. The acquisition of Biossance presents an opportunity for THG Beauty to tap into the growing demand for eco-friendly skincare products.
Pipette Acquired by HRB Brands for $1.75 Million
HRB Brands, the company behind Alberto VO5 and Zest, successfully bid $1.75 million for Pipette, a baby care brand under the Amyris portfolio. Pipette’s focus on safe and gentle products for babies and children complements HRB Brands’ existing offerings. This acquisition allows HRB Brands to diversify its product range and cater to the needs of parents seeking clean and effective baby care solutions.
Meno Labs Acquired by Dr. Reddy’s Laboratories for $3 Million
Healthcare firm Dr. Reddy’s Laboratories acquired Meno Labs, a women’s supplements label, for $3 million. Meno Labs specializes in products designed to support women during the perimenopause and menopause stages. This acquisition enables Dr. Reddy’s Laboratories to expand its presence in the women’s health market and offer targeted solutions to address the specific needs of women going through hormonal changes.
4U Acquired by Scent Theory Products for $600,000
Scent Theory Products successfully bid $600,000 for 4U, the hair care brand endorsed by actress Tia Mowry. With this acquisition, Scent Theory Products aims to capitalize on the popularity of 4U and further strengthen its position in the hair care market. The brand’s association with Tia Mowry brings a celebrity endorsement that can enhance its visibility and appeal to consumers.
Conclusion:
Amyris’ decision to auction off its consumer brands, including Biossance, Pipette, Meno Labs, and 4U, marks a significant step in its bankruptcy restructuring process. By divesting these brands, Amyris aims to streamline its operations and focus on its core business. The successful bids from THG Beauty, HRB Brands, Dr. Reddy’s Laboratories, and Scent Theory Products indicate the value and potential of these brands in the market. As Amyris moves forward, it will continue to operate its remaining brands through retail partners and e-commerce platforms. The restructuring process presents an opportunity for Amyris to emerge as a financially stronger company with a more focused business model, paving the way for future growth and profitability.
