Ariana Grande has reached a deal to buy assets tied to her beauty brand Forma Brands, which recently entered bankruptcy, according to a court filing.
Forma Brands, the parent company of Morphe Cosmetics, filed for Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware on 12 January.
The 'Thank U, Next' singer’s r.e.m. beauty brand’s physical assets, including existing inventory, are estimated at US$15m, according to Bloomberg.
However the transaction needs approval from the Delaware court, according to court documents filed 27 January.
Upon filing for bankruptcy, Forma Brands also announced an acquisition deal with the firm’s assets being acquired by lenders, including Jefferies and Cerberus Capital Management.
However, r.e.m. beauty was not part of the deal.
Forma Brands launched r.e.m. beauty in November 2021.
Cosmetics Business has reached out to Forma Brands for comment.