Struggling indie brand Stila Cosmetics has found a last-minute savior: venture capital firm Patriarch Partners LLC. The deal is expected to be finalized on Monday.
According to several sources, it’s been a rocky several weeks for the brand, which is said to have furloughed its entire workforce the last week in March due to the company’s inability to make payroll. Former owner Sun Capital Partners, which had acquired the brand from the Estee Lauder Cos., is said to have pulled the plug on the company’s financing at that time. The deal was confirmed late Sunday afternoon by Stila ceo Deanna Kangas and Patriarch Partners spokesperson Taylor Griffin.
For complete coverage, see Tuesday’s WWD.