It's official, the struggling indie brand Stila Cosmetics which was rumored to be for sale was indeed sold. The last last-minute
savior is venture capital firm Patriarch Partners LLC. According to WWD, the deal is
expected to be finalized on today (Monday).
It has been a rough few weeks for the brand, which is said
to have furloughed its entire workforce the last week in March due to
the company's inability to make payroll. Also, the company e-commerce site has been down for weeks and phones had not been answered either. Former owner Sun Capital
Partners, which had acquired the brand from the Estee Lauder Cos., is
said to have pulled the plug on the company's financing at that time.
The deal was confirmed late Sunday afternoon by Stila CEO Deanna Kangas
and Patriarch Partners spokesperson Taylor Griffin.
Stay tuned. More details to come on Tuesday after the deal is done.
Source: WWDSee the Top Ten Summer 2016 Trends for Women Over 40