Schmidt’s cofounders, Jaime Schmidt and Michael Cammarata, will remain involved in the business.
The four-year-old makeup brand has landed a deal with a private equity firm that has backed brands like Smashbox and It Cosmetics.
TSG has invested in Huda Beauty; Anastasia Beverly Hills is said to have hired Imperial Capital.
The four-year-old beauty brand has made waves — wooing more than just the influencer community — but investors, too.
If a deal were to come to fruition, the price tag could be in the billions, sources said.
The deal will create the world’s leading developer and operator of flagship shopping destinations, the companies said.
A transaction could be completed by the end of this week.
Billionaire entrepreneur Adrian Cheng has taken a “significant” stake in Moda Operandi through his K11 and C Ventures investment vehicles.