R.e.m. Beauty has named a new chief executive officer.
Michelle Shigemasa, who has helmed both skin and color brands in the past, will be taking the top slot at R.e.m., which was founded in 2021 by multihyphenate Ariana Grande. Shigemasa previously served as the global CEO of Murad, and prior to that, spent 13 years at Smashbox.
“Michelle’s deep expertise in beauty and commitment to purpose fits perfectly with my vision for R.e.m. Beauty and I’m so grateful that she’s joining our team,” Grande said via email. “We have so much more in store in 2023 and beyond.…We are only just getting started.”
R.e.m. is said to perform well. Ulta Beauty cited it on an earnings call as a key growth driver in makeup, the retailer’s largest category.
“R.e.m. Beauty has been on an incredible journey since launching in 2021. I’m not only excited to be joining such a forward-thinking organization but also to work by Ariana’s side to empower our community to become their most confident and beautiful self and to make a positive impact on the world,” Shigemasa said in an email. “Ariana’s unwavering dedication to innovation and creativity are unparalleled, and I am thrilled to be the one to help her take R.e.m. Beauty into limitless possibilities.”
The brand’s beauty license was previously held by Forma Brands. As reported, R.e.m. moved to terminate that agreement upon Forma’s filing for Chapter 11 bankruptcy last month, with sources telling WWD at the time its operations would move in-house. R.e.m. has since entered an agreement to buy inventory and intellectual property from Forma for $15 million, per a transition services agreement dated Friday, and a purchase agreement filed Jan. 27.