Beautycon Job? Live Events Firm Teeters Over Financial Troubles, Layoffs and a $300,000 Court Judgment (Exclusive)
Beautycon, the L.A.-based beauty company known for live events for budding fashionistas and beauty brands as well as its firebrand CEO Moj Mahdara, is battling financial strain as it gears up for two events it hopes to hold this fall despite the pandemic. The troubles have led to layoffs, a six-figure court judgment, unpaid bills to vendors and accusations of keeping its investors in the dark. A representative for Beautycon acknowledged the company’s financial challenges. “The company has been in the throes of working to strategically recapitalize the company for the past 18 months,” the spokesperson told TheWrap. “We had also been looking to 2020 to both continue those efforts, and focus on our domestic and international events in order to move the company forward. As with most event companies, 2020 has presented serious, unprecedented challenges to our business.” But the company, which boasted revenues of $16 million-plus four years ago and lined up high-profile investors like L’Oreal and Hearst, was struggling with its bottom line well before the pandemic wiped out live events, as TheWrap previously reported. Multiple vendors told TheWrap they still have not been paid nearly a year after Beautycon’s flagship events in 2019 that attracted more...
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