Bliss World gets sold again. AS Beauty diversifies into skincare, buying the business from L Catterton, who has owned it since 2015.

WHO: Founded by Marcia Kilgore in 1996, Bliss began as a single spa in New York City that revolutionized skincare and the spa industry. The business has gone through several owners, each putting its imprint on the brand. Today Bliss products are sold through 30,000 retail points of distribution, including Target, Walmart, CVS, and Walgreens.

Based in New York, NY, AS Beauty is focused on developing global beauty brands that deliver real-world solutions to a diverse consumer base. Founded in 2019 by Alan and Joey Shamah, the original founders of e.l.f Cosmetics, and Victor and Ralph Azrak, who previously ran and sold an apparel business, the company's current portfolio consists of Laura Geller Beauty, Julep Beauty, Mally Beauty, and Cover FX.

WHY: AS Beauty's latest acquisition will help diversify the AS portfolio, which consists of four color cosmetic brands. The group is looking for more skincare brands to add to its lineup.

IN THEIR OWN WORDS: "What attracted us to Bliss was a few things," Joey Shamah, principle at AS Beauty, told WWD. "From a corporate standpoint, it's the ability to diversify away from prestige color and get into skin care. The packaging, the formulations, the rebrand, the distribution it had was all a great opportunity for us to make a splash in the skin care market."

DETAILS:

• AS Beauty bought Bliss from L Catterton. The terms of the deal were not included.
• Meri Baregamian, who has been the CEO of Bliss since 2016, will step down at the end of the month.
• WWD reported revenues are north of $40 million. 
• In March 1999, LVMH acquired a 70% stake in the business for a reported $30 million.
• In 2004, LVMH sold Bliss to Starwood Hotels & Resorts Worldwide Inc. for $25 million. At the time, the business was generating about $40 million in sales through three Bliss spas, its product catalog, and product business. 
• In 2009, Starwood sold Bliss to Steiner Leisure Limited for $100 million.
• L Catterton purchased the brand as part of its 2015 acquisition of Steiner Leisure for approximately $925 million, including debt, and invested in its relaunch.