CoverFX and Mally Beauty Are Shutting Down

New York-based AS Beauty is shutting down Mally Beauty and CoverFX. 

The makeup brands announced their respective closures via Instagram on Thursday, with the @mallybeauty and @coverfx accounts uploading similar posts stating that, “as the beauty industry faces new challenges — from tariffs to market shifts — we’ve made the heartfelt decision to wind down the…business.”

According to Mally’s statement, the brand’s products will remain available for purchase via Amazon and online at QVC while supplies last. CoverFX products, meanwhile, will be available direct-to-consumer and on Amazon while supplies last. 

AS Beauty’s other brands, which include Julep, Laura Geller and Bliss, will continue to operate.

Founded in 2019, AS Beauty is a $500 million-plus business known for making distressed acquisitions. It has successfully reinvigorated both Laura Geller and Bliss, which it acquired in 2022 and 2023, respectively, though turnaround efforts for its other three portfolio brands didn’t see the same return.

Mally Beauty was launched on QVC in 2005 by makeup artist Mally Roncal, whose clients included Beyoncé Knowles-Carter, Kelly Osbourne and Jennifer Lopez. 

Shortly after launching, the brand opened a counter at Henri Bendel, and over the years expanded to retailers including Ulta Beauty in 2013; Kohl’s in 2017 and nordstrom.com in 2022. Hero products included a shine-controlling Poreless Face Defender balm, currently priced at $29 on Amazon, and Evercolor eye shadow sticks, priced at $25.

By the mid-2010s, Mally Beauty began to lose its footing, eventually filing for Chapter 11 bankruptcy in 2015. It was later acquired that year for $10 million by Beauty Visions, an affiliate of TPR Holdings, and then in 2018 it secured a minority investment from Guthy-Renker Ventures. 

In 2021, the brand was acquired by AS Beauty. 

Cover FX, launched in 1999, was also an early-2000s darling. The brand became known for its high-performance complexion products and secured backing by L Catterton in 2011. Gross sales were said in 2018 to be around the $60 million mark, though by 2022, when AS Beauty acquired the brand, industry sources estimated that figure dwindled to $20 million. The brand’s top-sellers included its Total Cover Cream Foundation, $44, and its $42 Custom Enhancer highlighter drops. 

These closures come on the heels of several others.

In 2025, Sknmuse, Youthforia and Ami Colé all wound down operations, as did Gwyneth Paltrow’s Good.clean.goop mass beauty line. Kate Moss’ Cosmoss skin care brand entered liquidation proceedings last summer, and in December, the assets of Pat McGrath Labs, once valued at $1 billion, were marketed for sale. Around the same time, Anastasia Beverly Hills founder Anastasia Soare personally invested $225 million into her brand, hoping to turn it around after private equity firm TPG reduced its stake.

Experts say more brand closures and distressed acquisitions could be on the horizon as beauty grows more competitive, and conglomerates look to divest underperforming assets.