AS Beauty shuts down CoverFX and Mally Beauty amid market shifts

USA – AS Beauty, a New York-based beauty and cosmetics brand,  is winding down operations for CoverFX and Mally Beauty amid escalating costs, tariffs, and profound market shifts, rendering these legacy makeup brands unsustainable.

Rising industry expenses, intensified competition, accelerated innovation demands, and evolving consumer expectations are squeezing even established players, forcing portfolio realignments across the beauty sector.
Both brands announced closures via Instagram: CoverFX highlighted “new challenges from tariffs to a shifting global market” after two decades, while Mally Beauty described the decision as “heartfelt” due to identical headwinds, and its team ceased responding to emails.

AS Beauty, launched in 2019 by ex-e.l.f. Cosmetics executives will redirect investments to thriving assets like Laura Geller, Bliss, and Julep, prioritizing long-term growth over propping up misaligned performers.

The firm eyes future opportunities, including acquisitions that fit its vision, rather than sustaining underperformers in a fast-changing landscape.​

AS Beauty acquired Mally Beauty from Beauty Visions in 2021, following its predecessor, Mallygirl, which filed for bankruptcy in 2015; positioned as pro-grade makeup for daily use, the products linger on QVC and Amazon until depleted.​
CoverFX joined the fold in 2022 from L Catterton after pioneering inclusive shades pre-Fenty, yet sales plunged from USD 65M in 2018 to $20M by early 2022 per Women’s Wear Daily, despite a post-acquisition sales bump marred by backlash over reduced diversity.​

Cover FX built its reputation on complexion-focused products such as foundations, concealers, primers, and setting powders, all formulated with clean, skin-safe ingredients for sensitive users.

On the other hand, Mally Beauty, created by celebrity makeup artist Mally Roncal, offers a broader range of colour cosmetics, including eyeshadows, eyeliners, mascaras, and face essentials, designed for long wear and easy everyday glam.

Similarly,  Unilever has announced its decision to shut down REN Clean Skincare, a brand known for its eco-conscious approach to beauty. 

The company cited internal challenges and market pressures as key reasons for the closure, stating that these factors have made it difficult for REN to sustain long-term success.

Last year, Youthforia, an American clean and sustainable makeup brand launched in 2021, also announced its shutdown in August 2025 amid lingering controversy and operational challenges.

Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE.