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AS Beauty Buys Glansaol for $18M

AS Beauty is slated to be the next owner of Glansaol, the bankrupt owner of Laura Geller, Julep and Clark’s Botanicals, Glansaol chief executive Nancy Bernardini confirmed to WWD. AS Beauty, a joint venture between Alan and Joey Shamah, the founders of E.l.f. Beauty, and the Azrak family, who previously ran and sold a pajama business, plan to pay $18 million to take over the three brands, Joey Shamah told WWD. AS Beauty had served as the stalking-horse bidder for Glansaol, originally providing a $16.2 million bid. An auction was slated for Tuesday, but Shamah said “no credible bids” came in above AS Beauty’s $18 million offer. The sale still needs to be approved in U.S. bankruptcy court. A sale hearing is scheduled for Jan. 31 at 1 p.m. Laura Geller, Julep and Clark’s Botanicals are the Shamahs’ first foray into prestige beauty. “The prestige space has always been very intriguing to me; growing up in the mass market, it was always like the cool older brother,” Shamah said. “It’s a unique opportunity to get not one, not two, but three great assets, and to play in the space from cosmetics to Korean skin care.” Bernardini, who joined the business from a Shiseido division in

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