Cover FX acquired by AS Beauty
New York's AS Beauty announced on Thursday it has acquired Canadian cosmetics brand Cover FX, the fourth acquisition for the beauty brand development company, since its inception in 2019.
Financial details of the acquisition were not disclosed.
Founded in 2000 by medical strategist and beauty veteran, Lee Graff, Toronto-based Cover FX started out as a clinic specializing in skin issues and sensitivities, before developing and selling its own cosmetic line. Today, its cosmetic products treat and cover every skin type using clean ingredients and innovative formulations; suitable for professional makeup artists, consumers, and the medical community alike.
"Whether we're talking about makeup artists or people who just want to enhance their natural beauty, our range of products makes everyone feel confident," said Graff. "We believe that personalized beauty should be inclusive and accessible to all."
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, AS Beauty is a global beauty brand developer, with a focus on female-founded brands "that deliver real-world solutions to a diverse consumer base," according to a press release.
The Cover FX purchase is expected to increase its new parent company's size by 20% and is expected to boost overall revenue by 40% by 2023, said AS Beauty.
"[Cover FX] is one of the first to sit at the intersection of high-performance color, customization, and skincare. The history, quality, and global shade range that Cover FX has offered for over two decades caught our attention right away," said Ralph Azrak, chief operating officer of AS Beauty.
"In the coming years, we will use our resources to fuel innovation and expand our audience. We are thrilled to bring this brand on board and continue to be on the lookout for new opportunities."
AS Beauty's portfolio boasts Julep Beauty, Laura Geller, and Mally Beauty, in addition to Cover FX.
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