AS Beauty has acquired US spa brand Bliss as it continues to diversify its make-up and skin care portfolio.
The cosmetics company has bought the skin-focused spa brand from private equity firm L Catterton for an undisclosed sum.
Bliss’s packaging, formulations and wide distribution are cited as key reasons for AS Beauty’s buyout.
Bliss CEO Meri Baregamian will also step down at the end of the month after six years at the helm.
L Catterton purchased Bliss in 2015 as part of its acquisition of global provider of spa services and operations Steiner Leisure for approximately US$925m.
The company relaunched the brand, which included unveiling a reformulated line with new packaging, distribution and price structure.
It also phased out existing products that did not perform well.
Now, Bliss is sold through 30,000 retail points of distribution, including giants Target, Walmart, CVS, Walgreens and Boots.
AS Beauty is focused on “developing global beauty brands that deliver real world solutions to a diverse consumer base”.
Beauty brands in its portfolio include Laura Geller Beauty, Julep Beauty, Mally Beauty and Cover FX.
The New York-based firm was founded in 2019 by Victor and Ralph Azrak, as well as Alan and Joey Shamah, who are the original founders of fast-beauty brand e.l.f. Cosmetics.
What is Bliss’ story?
Beauty business Bliss was founded in 1996 by Marcia Kilgore and started as a single spa in New York.
It quickly grew in popularity, with Bliss spas opening around the world and the brand developing its own line of skin and wellness products.
The company has had many owners over the years who have helped transform it.
Beauty giant LVMH acquired a 70% stake for a reported $30m in March 1999 and kept the brand in its portfolio for five years.
In 2004, LVMH sold Bliss to Starwood Hotels & Resorts, which manages spas and hotels, for $25m.
At the time, the brand was generating around $40m in revenue via product sales and spa services at its three locations.
In 2009, Starwood sold Bliss to Steiner Leisure Limited for $100m, before L Catterton picked it up in 2015.