Clark’s Botanicals is back in the hands of Francesco Clark after a whirlwind two years. The brand was acquired by Glansaol, along with Julep and Laura Geller, in December 2016 as part of the launch of the integrated portfolio created in the partnership between beauty industry veteran Alan T. Ennis and Warburg Pincus.
As 2018 came to a close, Glansaol announced it was filing for bankruptcy in U.S. Bankruptcy Court in the Southern District of New York on Dec. 19. As part of the bankruptcy proceedings, AS Beauty acquired the Glansaol portfolio of brands. AS Beauty was formed by Alan and Joey Shamah, the founders of E.L.F. Beauty and Fit For Life, and the Azrak family, who previously ran a pajama business that was sold to Li & Fung in 2007. The $18 million deal was approved by the U.S. Bankruptcy Court on Feb. 1.
According to WWD, Francesco Clark closed on his acquisition of Clark’s Botanicals from AS Beauty on Feb. 6. Terms of the deal were not disclosed. While Glansaol struggled, Clark’s Botanicals was actually growing and profitable. It was the smallest brand in the portfolio, with industry sources estimating that the brand is on track to do between $5 million and $6 million in retail sales for 2019.
Asked if he would be open to outside investment after this experience, Clark told WWD, “I’m keeping it as my own [and] self-funding right now. … There is always space for conversation with strategic partners.”
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