As the Indian fashion and beauty industry pour over the Union Government’s new budget, many are disappointed by higher tax rates on many cosmetic items that already have some retailers preparing to raise their prices.
The US subsidiary of Italian cosmetics company Kiko filed for Chapter 11 bankruptcy last Thursday, and will be closing almost all of its remaining stores. The brand has blamed weak sales for its recent struggles.
TSG Consumer Partners, the private equity firm who has offered backing to Revolve, Smashbox Cosmetics, Pureology and E.l.f. Cosmetics among others, has acquired a minority stake in fast growth beauty company Huda Beauty.