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Essence Ventures Acquires Beautycon Amid Moj Mahdara Exit – WWD

BeautyCon Media Inc.’s property have been acquired by an affiliate of Essence Ventures.

For years, BeautyCon drew 1000’s of beauty lovers to its buzzy, namesake festivals, nevertheless it struggled to seek out its footing earlier than and in the course of the coronavirus pandemic. The corporate confronted a civil swimsuit in February 2020 and reportedly laid off half of its staff the next month, when COVID-19 pressured nationwide lockdowns.

Moj Mahdara, who turned BeautyCon’s chief government officer after investing within the enterprise in 2014, resigned from her place earlier this yr. Essence Ventures acquired the corporate out of foreclosures, after it filed for an project for the advantage of collectors course of (an alternative choice to chapter) in Might.

Marina Curry will return to BeautyCon, which she cofounded in 2011 with Jonathon Burford. Information of Essence Ventures’ acquisition of BeautyCon was first reported by The Wrap.

In-person beauty occasions have been on maintain in the course of the COVID-19 pandemic, for probably the most half. BeautyCon’s most up-to-date occasion was in August 2019. This yr, Sephora’s Sephoria will be a virtual festival.

Richelieu Dennis, founder and chair of Essence Ventures, advised WWD through cellphone that BeautyCon would proceed to be an “expertise enterprise” — “whether or not digital experiences, hybrid experiences” — with each native and international enlargement to come back.

“The pandemic has impacted the reside expertise area in a number of methods,” Dennis mentioned. “It has clearly hindered the flexibility for individuals to assemble. It has additionally created lots of power and innovation round how individuals collect immediately. Whether or not it’s digital experiences, hybrid experiences, all of these will probably be part of the expertise enterprise going ahead. With the applied sciences that we’ve put in place, we’ll be capable of expound on the BeautyCon beliefs and values and proceed upon the work that BeautyCon has been doing these years.

“As we transfer additional into a brand new regular, there’s super alternative to do these reside and digital experiences in a bodily method that expands the attain that brings the inclusive nature of BeautyCon to the globe, in addition to localized,” Dennis continued. “We could have native in addition to international enlargement.”

Essence Ventures’ portfolio consists of Afropunk, the humanities pageant, and Essence Communications Inc., which operates Essence Pageant, which started as a music pageant in 1995.

Dennis mentioned he sees alternative to additional scale BeautyCon, which he referred to as “the premiere magnificence expertise.”

“We’ll endeavor to carry that imaginative and prescient alive and positively welcome the enter of the individuals who created the imaginative and prescient and the way we leverage that imaginative and prescient to go broader and greater,” Dennis mentioned. “The Essence Pageant has scaled over the previous [26 years]. BeautyCon is as vital from a imaginative and prescient perspective. The model now will get the chance to have an effect on much more individuals. That’s what we search for inside our portfolio: inclusivity and impression.”

Extra from WWD.com:

Amid Challenges, What’s Next for Beautycon?

Beautycon Faces Mounting Pressure, But Its Problems Predate Coronavirus

Instagram Account Demands Beautycon CEO Moj Mahdara Step Down

Cardi B Shares Her Money Advice and Money Problems at Beautycon

https://wwd.com/beauty-industry-news/beauty-features/essence-ventures-acquires-beautycon-moj-mahdara-exit-1234909152/ | Essence Ventures Acquires Beautycon Amid Moj Mahdara Exit – WWD

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