AS Beauty Shuts Down Mally Beauty and CoverFX
New York-based AS Beauty has announced the closure of two notable makeup brands—Mally Beauty and CoverFX. This decision comes as the beauty industry faces significant challenges, including tariffs and shifting market dynamics. The brands took to Instagram to share this heartfelt news with their followers, mentioning their decision to wind down operations.
Availability of Products
Despite the closures, Mally Beauty products will still be available through Amazon and QVC while supplies last. Similarly, CoverFX products can be found directly from the brand’s website and on Amazon until inventory depletes. This provides a final opportunity for fans of these brands to stock up on their favorite products.
The Future of AS Beauty’s Portfolio
While Mally Beauty and CoverFX will be shutting down, AS Beauty’s other brands—Julep, Laura Geller, and Bliss—will continue to operate. However, it’s worth noting that Julep may also face a similar fate, as co-founder Joey Shamah hinted that Mally, CoverFX, and Julep could be “sunsetted” in the near future.
About AS Beauty
Founded in 2019, AS Beauty has grown into a business worth over $500 million, primarily through acquiring distressed brands. Notably, it has revitalized Laura Geller and Bliss after acquiring them in 2022 and 2023, respectively. However, their efforts to turn around the other three brands in their portfolio have not yielded similar success.
Mally Beauty’s Journey
Mally Beauty was launched in 2005 by celebrity makeup artist Mally Roncal. Known for creating a diverse range of products, the brand gained popularity with high-profile clients like Beyoncé and Jennifer Lopez. Over the years, Mally Beauty expanded its presence in stores, reaching retailers such as Ulta and Kohl’s, but it began to lose traction in the mid-2010s and filed for Chapter 11 bankruptcy in 2015.
CoverFX’s Decline
Founded in 1999, CoverFX quickly became a favorite among makeup enthusiasts for its high-performance complexion products. After receiving investment from L Catterton in 2011, the brand’s annual sales peaked around $60 million in 2018. However, when AS Beauty acquired CoverFX in 2022, estimates indicated that sales had dropped to $20 million, highlighting the brand’s struggle to maintain its previous success.
Industry Trends and Future Outlook
The closure of Mally Beauty and CoverFX is part of a broader trend of brand consolidations and closures within the beauty industry. In recent years, several brands—including Gwyneth Paltrow’s Good.clean.goop line and Kate Moss’ Cosmoss—have wound down operations. Experts predict that as competition intensifies and conglomerates seek to divest underperforming assets, we may see even more brand closures in the near future.
