San Francisco-based makeup and skincare company Bare Escentuals is moving its headquarters to New York.
The company said in a statement that the relocation was part of an effort to reposition the brand in order to “unlock performance” and “strengthen … the business over the long term.”
It’s unclear how many jobs will be lost in the move, but the plan calls for streamlining its “internal operating structures” — which suggests job cuts. The company has from 200 to 250 employees in the Bay Area. An unspecified number of employees will be relocating to New York.
Parent company Shiseido said in a statement that it’s “grateful for the valuable contributions of our employees who may be impacted by these changes, which we expect to complete by April 2017.”
The news comes just a week after Emeryville-based Jamba Juice said it planned to take its headquarters to Texas.
The beauty company’s charismatic founder, Leslie Blodgett, grew the brand into a makeup powerhouse using QVC as her launching platform. Blodgett was CEO and the driving force behind the brand for years, before selling it to Shiseido for $1.7 billion in March 2010. Blodgett stayed on as executive chairman while the company expanded its product line and moved into international markets.
Revenue hasn’t been available since Bare Escentuals was bought, but sales were $544.6 million in 2009, the most recent data available. And the company seemed to continue its growth streak after the acquisition. In 2011, then-CEO Myles McCormick told the Business Times that the company was expanding into China and Brazil.
In 2014, Bare Escentuals signed a 10-year lease for 100,000 square feet at 71 Stevenson St. The company had grown to take seven floors at the time. The company also has six retail locations in the Bay Area.
Despite the loss of Bare Escentuals, other beauty companies have grown or moved to San Francisco, including H2O-Plus, which relocated from Chicago under the leadership of CEO Joy Chen. Chen cited the talent in the Bay Area as a big reason for moving the company.
Source : bizjournals.com