Julep, the beloved beauty brand known for their high-quality nail polishes, is officially shutting down their popular Maven subscription program, GeekWire reports. Founded in 2007, Julep was acquired in 2016 for $120 million by private equity firm Warburg Pincus. Julep, along with two other companies, was later rolled up into a new company called Glansaol.
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Unfortunately, Glansaol has just filed for bankruptcy, selling its assets for less than $18 million, laying off more than 100 employees and closing all its parlors and the headquarters in Seattle.
Former Julep CEO, Jane Park, addressed the sad news on her Instagram account, thanking customers for “all your engagement over the years that we built Julep together” and articulating her sadness over the closure of the Maven program, parlors and headquarters.
“What I have learned through this experience is that while we don’t ever get to choose the hand we are dealt, we do get to choose how we play these hands,” Park wrote. “So I choose to play this unexpected hand with gratitude. I choose to be grateful for learning from you and with you. I am profoundly grateful that you believed in me and trusted me with your care. I feel humbled by the stories you have shared with me in our Maven Meetups and online.”
Considering what an incredible brand Julep has been over the last decade, fans were understandably upset by the news regarding their most popular perk. Thankfully, Julep is still available for purchase on the brand’s website as well as Ulta right now, but considering the bankruptcy, the future of the brand is still relatively unknown.