Synthetic biotech company Amyris is set to offload its clean beauty consumer brands as part of financial restructuring.
According to Business of Fashion, there was speculation earlier this month that the beauty conglomerate was trying to sell off its brands to “satisfy creditors”.
Following the decision, the company is set to offload seven consumer brands: Biossance, JVN Hair, Rose Inc, Pipette, MenoLabs, 4U by Tia and Stripes, the menopause care brand founded by Anglo-Australian actress Naomi Watts.
Biossance makes up 48 per cent or $28 million of all sales while JVN Hair, founded by Netflix’s “Queer Eye” star Jonathan Van Ness, accounts for 21 per cent of sales or $12.3 million.
Baby personal care line Pipette contributed $5.9 million or 10 per cent with other Amyris brands registering single-digit millions to $590,000 in net sales.
“To advance the company’s restructuring goals and maximize the value of its assets, Amyris is planning to exit its consumer brands and will begin marketing them for sale, with a view to having these brands continue to leverage Amyris’ cutting-edge science and technology while under new ownership,” the company said in a statement.
“As the sale process progresses, Amyris will continue to operate these brands, including through retail partners and the brands’ e-commerce platforms.”
Amyris has also secured a commitment from an entity affiliated with an existing lender, Foris Ventures, for $190 million debtor-in-possession.
The financing will support the continued day-to-day operations as the business works with its key stakeholders to negotiate a “consensual go-forward plan”.
