Ariana Grande has struck a deal with Forma Brands to regain control of her beauty brand, r.e.m. beauty. The singer has sealed the deal for $15 million to buy out its physical assets.
Forma Brands had voluntarily filed for a Chapter 11 bankruptcy in January and also revealed that it sold all Forma Brands’ assets to several secured lenders under a purchase agreement.
As reported by Bloomberg, Forma Brands had agreed to end its licensing agreement with r.e.m. beauty before they filed for a Chapter 11 bankruptcy. This transaction is yet to be approved in the court.
r.e.m. beauty was launched at Sephora UK on 13th February, 2023, including 81 stores and 13 online stores across Europe, to provide consumers in Europe with its skincare-infused makeup range.
Ariana Grande founded r.e.m. beauty in 2021 and since then the brand has launched four collections, namely, ultraviolet, goodnight & go, on your collar and out of the body.