FORMA Brands

What FORMA Brands does

FORMA Brands is a San Francisco-based private beauty company founded in 2020 that operates as an incubator, accelerator, and curator of next-generation beauty brands. The company builds and acquires masstige (mass-prestige) beauty brands targeting mass-market consumers seeking professional-quality products at accessible price points. Its most prominent portfolio brand, Morphe, sells direct-to-consumer via its own e-commerce storefront with free shipping on orders $35+, offering eyeshadow palettes, lip products, face products, and a custom-designed makeup brush collection priced from $13 to $77.

Morphe's core product technology centers on physical formulation and brush engineering rather than software or AI. Notable proprietary features include the ChromaPlus Eyeshadow Technology (a blend technology marketed for tailored color and enhanced blendability) and the Custom Blends Brush Collection (brushes with specialty shapes for different application techniques). The product line spans ChromaPlus 6-pan palettes, Lifeproof 16-hour setting mist, Liplock and Lip Filter lipsticks, Nano Brow, Cheek Thrills cheek products, and various brush sets. The brand holds Leaping Bunny cruelty-free certification.

The business model is primarily direct-to-consumer e-commerce with no subscription component — all transactions are one-time purchases. Marketing is driven by a multi-channel social strategy across Instagram, TikTok, Facebook, Pinterest, and YouTube, supplemented by the Morphe Artistry Collective (an influencer/creator program) and the Morphe Rewards loyalty program. The company also previously acquired Playa (fragrance/body/hair care, 2020) and Lipstick Maven (2020). In 2023, FORMA Brands filed for bankruptcy; the Playa trademark was subsequently acquired out of the bankruptcy estate by Susan Yara, who is planning a 2026 DTC relaunch of Playa with fragrance houses Givaudan and Robertet.

Name

FORMA Brands

Legal name

Morphe US

Website

https://formabrands.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

FORMA Brands is a private beauty brand incubator and curator operating in the masstige segment, with Morphe as its flagship direct-to-consumer brand selling affordable eyeshadow palettes, brushes, and face and lip products to mass-market beauty consumers, primarily in North America.

Ownership category

akta.pro rank

Product category

Color Cosmetics

NAICS

Cosmetics, Beauty Supplies, and Perfume Retailers (456120)

SIC

Perfumes, Cosmetics & Other Toilet Preparations (2844), Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (2840)

akta.pro primary industry

Face Makeup (Foundation, Concealer, Powder, Blush, Bronzer, Highlighter) (CRABACAA)

akta.pro secondary industry

Makeup Primers & Setting (Face/Eye Primer, Setting Spray, Setting Powder, Fixers) (CRABACAE)

Keywords

• Color cosmetics
• Beauty products
• Makeup brushes
• Eyeshadow palettes
• Beauty brand portfolio

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Marketing or Sales, Personnel, Operations, Technology or R&D

Revenue model

1. Direct Product Sales: Revenue generated through direct-to-consumer sales of beauty products including makeup brushes, eyeshadow palettes, lip products, face products, and bundles/sets through the Morphe e-commerce platform.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

FORMA Brands operates as a beauty brand incubator and holding company, with Morphe as its primary consumer-facing brand selling color cosmetics including eyeshadow palettes, makeup brushes, lip products, primers, setting mists, and face makeup. The portfolio is sold directly to consumers through e-commerce and retail channels at mass-market price points.

Differentiator

Problem solved

Functional benefit

Products and services

• Morphe ChromaPlus 6-Pan Eyeshadow Palette A six-pan eyeshadow palette using Morphe's proprietary ChromaPlus pigment technology, priced at $16 and targeted at mass-market beauty consumers seeking on-trend, pigmented shades for daily and special-occasion use.
• Morphe Custom Blends Brush Collection Morphe's signature makeup brush collection designed for face and eye application, sold in curated sets for both beginners and professional makeup users.
• Morphe Buttery Blends 4-Piece Face Brush Set A four-piece face brush set designed for foundation, powder, and contour application within Morphe's Buttery Blends brush range.
• Morphe Ready Set Pro 16-Piece Face & Eye Brush Set A 16-piece face and eye brush set providing a complete brush wardrobe for at-home makeup application, targeted at consumers building a starter or replacement brush collection.
• Morphe Lifeproof 16-Hr Wear Continuous Setting Mist A long-wear setting mist formulated to extend makeup wear for up to 16 hours, used as a final step in face makeup routines by everyday beauty consumers.
• Morphe Liplock Glossy Lipstick A glossy-finish lipstick in Morphe's Liplock range, offering high-shine color with long-wear claims for mass-market lipstick consumers.
• Morphe Lip Filter Hydroplump Soft Matte Lipstick A soft matte lipstick with a hydroplumping finish in Morphe's Lip Filter line, combining matte color payoff with a hydrating feel.
• Morphe Signature Lip Pencil A lip liner pencil from Morphe's Signature line, used to define and contour the lips alongside Morphe lipsticks.
• Morphe Solo Artist Priming Cream Eyeshadow A priming cream eyeshadow in Morphe's Solo Artist range that can be worn alone as a wash of color or used as a base to extend eyeshadow wear.
• Morphe Bake & Set Quad A four-shade bake-and-set powder quad used for setting under-eye concealer, baking, and finishing face makeup.
• Morphe Cheek Thrills A blush product within Morphe's Cheek Thrills range, designed to add color and dimension to the cheeks for everyday wear.
• Morphe Nano Brow A nano-tipped brow product for filling, defining, and shaping eyebrows with precise hair-like strokes.
• Morphe Bundle Collections (Mini, Mega, Travel) Curated multi-product bundles (Mini, Mega, and Travel) that combine Morphe palettes, brushes, and lip products at value pricing for gift-giving, sampling, and travel use cases.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Fragrance Houses (Givaudan, Robertet)minorOthersSusan Yara (who acquired Playa from Forma Brands post-bankruptcy) partnered with Givaudan and Robertet for fragrance development. While this is post-Forma Brands context, it indicates the types of supplier relationships Forma Brands likely maintained for product development.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• e.l.f. Beauty: e.l.f. is the closest direct competitor — a mass-market beauty brand selling affordable makeup and skincare through DTC, mass retailers, and international channels. It directly competes with Morphe in the $5–$25 masstige price band and has demonstrated the unit economics achievable at scale.
• ColourPop Cosmetics: ColourPop is a DTC-first affordable beauty brand with vertically integrated manufacturing, very similar in product mix (eyeshadow palettes, lip, brushes) and price points to Morphe. Comparable GTM through influencer seeding and aggressive pricing.
• Revolution Beauty: Revolution Beauty is a UK-listed global masstige beauty brand offering affordable makeup, skincare, and haircare across multiple geographies. It competes head-to-head with Morphe on eyeshadow palettes, face products, and brushes at similar price points.
• BH Cosmetics: BH Cosmetics is a long-standing direct competitor in affordable beauty with a heavy emphasis on eyeshadow palettes and brush sets at low price points — historically the most direct alternative to Morphe's palette-led assortment.
• Wet n Wild: Wet n Wild is a mass-market drugstore beauty brand selling color cosmetics at ultra-low price points. Comparable to Morphe on mass distribution and value positioning, though more retail-channel-led than DTC.
• KVD Beauty: KVD Beauty is a vegan, high-pigment beauty brand selling at the masstige price band across eyes, face, and lips. It overlaps Morphe's cruelty-free positioning and competes for the same beauty-enthusiast consumer with comparable price points.
• Milani Cosmetics: Milani is a mass-market beauty brand focused on color cosmetics for diverse skin tones at affordable price points. Comparable to Morphe in product mix, price band, and target consumer — a drugstore alternative in the same competitive set.

Broad incumbents

• NYX Professional Makeup: NYX is owned by L'Oréal and operates broadly in professional-affordable makeup with global distribution. It overlaps Morphe's product categories (eyes, face, lips, brushes) and serves a similar young, pro-leaning consumer at comparable price points.
• DECIEM (The Ordinary / NIOD): DECIEM is an Estée Lauder-owned multi-brand beauty company that curates ingredient-focused brands (The Ordinary, NIOD, etc.) — the closest analog to FORMA's 'incubator/curator of beauty brands' model, though oriented toward skincare rather than color cosmetics.
• Coty Inc. Coty is a large multi-brand beauty holding company (CoverGirl, Sally Hansen, Kylie Cosmetics) operating mass-market color cosmetics at global scale. Relevant as a broader incumbent comparable for FORMA's brand-house operating model and Morphe's masstige positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/formabrands
• YouTubeyoutube.com/channel/UC2xzcSVv3Tculr8Znpzc5Rg/featured
• Facebookfacebook.com/MorpheBrushesCosmetics
• Instagraminstagram.com/morphebrushes
• TikTokvm.tiktok.com/9Y74eK
• Pinterestpinterest.com/morphebrushes

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FORMA Brands