The news comes following the restructuring of Centric Brands — a major producer and licensee of more than 100 brands including Tommy Hilfiger, Michael Kors and Kate Spade — as a private equity-backed company after its filing for Chapter 11 bankruptcy, as reported by WWD.
“We are thrilled to welcome Taste Beauty and its team into the Centric Brands family,” said Jason Rabin, chief executive officer of Centric Brands, in a statement. “This acquisition allows us to tap into an entrepreneurial, innovative and proven leadership team that combined with our existing beauty division creates the market authority resource in this category. It also further strengthens our bath and beauty product offering while expanding our entertainment licensing platform into complementary categories and properties.”
Founded in 2015 by Tom Crowley, Sabrina Vertucci and Alex Fogelson, Taste Beauty products are distributed under its own brand, as well as a portfolio of licenses including Disney, Universal, Nickelodeon, Nestlé and, more recently, Netflix with a collection of “Stranger Things” goods (items like a waffle-shaped, maple syrup and butter flavored lip balm). Targeted to kids and nostalgic shoppers, major categories include lip gloss, nail polish, accessories for nails and hair, bath and body.
“We are incredibly excited to join forces with Centric Brands, leveraging their resources, platform and broad distribution to build on our growth strategy in the coming years,” said Fogelson, ceo of Taste Beauty and president of Centric Brands’ beauty division. “This partnership allows us to provide an even stronger value proposition to our key retail and licensing partners.”