According to an email viewed by The Business of Beauty, the company will be on hiatus while it establishes a sustainable path to return as a new company.

Puig and Space NK are cashing in on their ability to tap the growth of hot new products, while L’Occitane, Olaplex and The Estée Lauder Companies are discovering how quickly the shine can come off even the biggest brands.

The company reported a long-awaited lift in net sales in its third quarter results, with increases from skincare leading the way, but clouds persist over its China recovery.

Going public is usually a pivotal moment in a company’s history, cementing its heavyweight status and setting it up for expansion. In L’Occitane’s case, delisting might be a bigger conduit for growth.

Once thought of as long-term disruptors who would change the way we shop forever, multi-brand online retailers that sell cosmetics, skincare, fragrance and more are facing multiple headwinds.

The founder, who was ousted and recently came back to the line as CEO, will regain control of the company.

Deciem’s other skincare brand, NIOD, also sells serums with names straight out of a lab, but with more complex formulations and higher-end packaging. A decade into the science-backed skincare craze, the company believes its consumers are ready to move upmarket.

Gen-Z aren’t into all-or-nothing health practices, or the hallmarks of wellness that have become cornerstones. What’s left is something far more subversive.