Seattle-based specialty cosmetics retailer Julip is laying off more than 100 employees after its parent company filed for bankruptcy last week.
Julep will reduce the number of workers 102 within the next two months as part of the closure, according to the new WARN notice to Washington state. It is unclear whether the company has been fully closed and we have been able to communicate with Julep for more details. Julep has 124 employees registered in LinkedIn.
Founded in 2007 by the former CEO of Starbucks Jin Park, Julep was a pioneer in Seattle before it was acquired two years ago by Glansaol, a newly formed cosmetics company with the support of Warburg Pincus, which also produced Laura Geller and Clark & s Botanicals at the same time. time. The deals were part of a strategy to "operate an integrated portfolio of global brands for beauty and personal care, across sectors, channels and geographical areas," Glensol said in December 2016.
But last week, Glensoll filed protection under Chapter 11 bankruptcy in the southern province of New York and announced plans to sell the three brands of a company called AS Beauty.
WWD reported that AS Beauty is paying $ 16.2 million for trademarks and that Park will leave Julep by the end of 2018.
Julep was a leader in online cosmetics, selling lipstick and other beauty products online as well as salons in the Seattle area (two sites were listed on its website). It has raised more than $ 50 million from supporters such as Azure Capital, Madrona Venture Group, Altimeter Capital, Maveron, Andreessen Horowitz, Zillow Group CEO Spencer Rascoff, founder of Skullcandy Jeff Kearl, and entertainment celebrities such as Will Smith and Jay-Z .
But Julep has faced some tough patches in recent years, leading to the dismissal of employees in 2015 and the bombing of the Washington state prosecutor's alleged settlement of alleged business practices.
At the same time, other independent make-up brands, such as Glossier and Kylie Cosmetics, have seen tremendous growth in recent years as traditional beauty companies struggle to keep pace.