Morphe makeupThe rode the power of social media stars to rapid growth and a $2 billion valuation, said it’s planning to close All its US stores.
This Thursday the company listed about twenty locations on its website. Forma Brands Morphe’s parent, didn’t respond to a request for comment. Morphe It also offers e-commerce and Ulta Beauty products.
Revenues topped $400 million thanks to partnerships with internet stars like Jeffree Star or James Charles. in According to Bloomberg’s review of a December 2021 company presentation. But Morphe Star caused them to severed all ties accused It is not acceptable to use racist language in 2020 allegations Charles was plagued by sexual misconduct in 2021.
Forma’s results, where about 80% of sales are generated from MorpheSince then, they have suffered. Internal planning was not successful for revenue by approximately 20% in 2021 according to the document. Document. the First 10 months, revenue tied with Charles, Star, and Jaclyn Hill — another social media star — fell by 66% to $32 million.
The company’s descent from beauty-world darling known for its accessibly priced eye shadow palettes and frenzied Store openings again shown the There is danger in betting on the social media buzz.
“It’s a risky model,” Kelly Dobos is a cosmetic chemist and industry consultant. Influencers “always become less relevant.”
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