Beautycon Comes to Ugly End: CEO Moj Mahdara Out, Website Dark, Assets Sold in Foreclosure (Exclusive)
Beautycon, the L.A.-based company known for live events for budding fashionistas and beauty brands, has come to a less-than-beautiful end, with the website offline, co-founder and CEO Moj Mahdara gone, all staffers laid off and its assets sold off to Richelieu Dennis’ Essence Ventures in a foreclosure sale, TheWrap has learned. According to one insider with knowledge of the company, Beautycon is no longer “an operating vehicle.” It’s a shocking demise for the 8-year-old start-up that raised over $11 million from blue-chip media investors including Hearst, A+E Networks and Roc Nation and was once hailed as “the Super Bowl of the beauty industry.” But in recent years, Beautycon has been rocked by financial troubles and mass layoffs predating the coronavirus pandemic that decimated the live-event industry and forced the cancellation of all 2020 in-person gatherings. The financial crunch escalated earlier this year as Beautycon made plans to file for bankruptcy, according to four individuals with knowledge of the company. But Dennis’ New York-based Essence Ventures, which had more than $5 million in loans to Beautycon, announced Friday that it had acquired all the company’s assets in a foreclosure sale, including the Beautycon name, website and extensive list of customers. “BeautyCon...
Read original story Beautycon Comes to Ugly End: CEO Moj Mahdara Out, Website Dark, Assets Sold in Foreclosure (Exclusive) At TheWrap
