Beauty’s biggest brand closures and administration troubles in 2026 so far

By Alessandro Carrara | Published: 23-Feb-2026
Finance Retail

The tough economic challenges from last year have bled into 2026 with harsh consequences, with beauty businesses Malin + Goetz, Gwen Stefani’s GXVE, Claire’s UK, CoverFX, Mally Beauty and Sak’s Global having either closed or been placed into administration

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After a tough 12 months in beauty last year, 2026 is proving no less tumultuous for brands amid a slew of closures and administration filings in just the first two months alone.

Between Malin + Goetz closing all of its UK stores, AS Beauty shuttering both CoverFX and Mally Beauty, and Claire’s UK collapsing into administration all over again, it has been hard to keep up. 

Not to mention Gwen Stefani’s cosmetics line Gxve Beauty rumoured to have closed after four years, and Sak’s Global filing for bankruptcy under financial strain of Nieman Marcus takeover.

Plus, online retailer Beauty Bay filed for notice of intent to appoint administrators.

Beauty brands are being “squeezed from every direction” in 2026, says Alex Brown, Restructuring & Insolvency Lawyer at law firm Freeths.

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