WWD broke news that Tomia Beauty, the company behind TrèStique, has filed for Chapter 11 bankruptcy in a New Jersey court after a contentious dispute between the founders.
WHO: TrèStique was founded by Intercos veterans Jennifer Kapahi and Jack Bensason in 2015 with a color concept that simplifies the everyday makeup routine with its “Face in a Case” concept of 2-in-1 products in a portable makeup bag for a quick 5-minute face. In 2021, the brand underwent a relaunch, introducing new products, updated formulas, and eco-friendly packaging.
WHY: Bankruptcy court documents revealed internal conflicts between the founders over control of TrèStique.
- Tomia Beauty, the company behind TrèStique, filed for Chapter 11 bankruptcy in a New Jersey court.
- Net loss for the first half of the year was listed in court documents as $279,556.
- Tomia, a company affiliated with Kapahi, alleged that Bensason partnered with outside investor Asuf Landau to form a new company named TrèStique.
- The court documents reference the creation of a Delaware corporation called Lucky Color Inc. in January, with a subsequent name amendment filed in March to TrèStique Inc. Tomia’s court filing accused Bensason and Landau of changing the name of their entity to TrèStique Inc. to succeed Tomia after allegedly looting TrèStique’s cosmetics line and other assets.
- The document also claims Bensason, Landau, and Lucky Color secured a significantly discounted loan and are now seeking to “facilitate defendants’ looting of debtor.”
- A Florida law firm recently informed Tomia Beauty of an upcoming sale of all its properties, prompting concerns regarding the lack of transparency surrounding the auction and the potential loss of valuable assets, including over $1 million worth of inventory, intellectual property, and established vendor relationships.
- As part of the plaintiff’s requests, Tomia is seeking a turnover of Bensason’s membership interest and any compensation received.