Cover FX has been acquired by AS Beauty - founded in 1999 and primarily known for its complexion products, has been backed by L Catterton since 2011.
He described the state of the Cover FX business as “stagnant” and said operations will be taken over primarily by the AS Beauty team. The company will look to promote bestselling products and potentially cut underperformers, he said.“Identity wise, it just was lost,” Azrak said. “There was no juice, there was nothing pumped in to really accelerate for the future.”
“We’re able to bring in a brand, roll up our sleeves, dissect it, understand the history of the brand, understand why it was made, what’s the purpose of the brand, who it speaks to, etc. Then we’re able to move very quickly to double down on the vision,” Azrak said. AS Beauty has plans to double its Amazon team in the next 12 months, Azrak said. “Day in, day out, we breathe, eat, sleep Amazon — operations, marketing, merchandising, advertising, we’re producing content all day long,” he said.
For Cover FX, Azrak said he expects sales to potentially grow by 20 percent this year and double that in 2023, depending on supply chain issues. “We have to weigh a lot of factors here, but we definitely think we’ll hit the ground running,” Azrak said.
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