Cover FX winds down after sales collapse

Cover FX was founded in 1999 by chemist Victor Casale and Lee Graff in a Toronto medical clinic. The brand initially sold through dermatologist referrals before expanding into retail, becoming known for inclusive shade ranges and skin-sensitive formulas. It gained popularity through social media influencers in the 2010s and was acquired by private equity firm L Catterton in 2011.

By 2018, Cover FX was generating $65 million in annual gross sales. But the brand lost its Sephora account in 2021 and Ulta account in 2022, cutting off its two largest retail channels. Sales collapsed to $20 million by early 2022 — a 69% decline in under four years. The brand shifted to direct-to-consumer, Amazon, and QVC, but the revenue was not there.

In 2022, AS Beauty acquired Cover FX from L Catterton. An attempted rebrand in 2024 drew customer backlash for shrinking the diverse shade range that had been the brand's core differentiator. In January 2026, AS Beauty announced it would wind down both Cover FX and Mally Beauty, citing tariffs, rising costs, and a shifting global market. The parent company chose to concentrate resources on higher-growth brands in its portfolio.