The Glossy Beauty Podcast

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There’s a new chapter in President Donald Trump's ongoing tariff rollercoaster. In April of 2025, President Trump unveiled his reciprocal tariff plan, which stacked new tariffs onto existing duties to raise overall import taxes as high as 145% for certain countries. The “Liberation Day” announcement left the beauty, fashion and wellness industries struggling to properly plan for 2025 and beyond. These tariffs have been a major source of revenue for the Federal government. In January, the U.S. collected more than $30 billion in duties, more than double the amount generated in January of 2025. Last week, in a 6-3 decision, the Supreme Court struck down these tariffs on the grounds that they were ordered under the 1977 International Emergency Economic Powers Act. The SCOTUS ruling doesn’t say that Trump cannot enact tariffs, just that IEEPA doesn't explicitly give the president that power. This rollback has caused ripples throughout our focus industries, with brand leaders wondering what happens next and whether businesses can expect refunds on the tariffs struck down by SCOTUS. On Tuesday, House Democrats announced plans to unveil a bill on March 2 outlining how businesses can recoup these illegal tariffs. The Senate Committee on Finance estimates that the government collected about $175 billion in tariffs under IEEPA since April 2025. Immediately after the SCOTUS ruling, President Trump signed an executive order imposing a blanket 10% percent tariff on imported goods. On Saturday, he said he would raise it to 15%, but as of Wednesday, at the time this podcast was recorded, U.S. Custom and Border Protection had replaced Trump’s IEEPA tariffs with a 10% global import charge. It’s unclear if it will be changed to 15% soon. On Tuesday, during the State of the Union address, President Trump called the SCOTUS ruling “unfortunate” and said that the “type of money we’re taking in is saving our country.” He said the U.S. would soon have to “make a new deal that could be far worse” for companies and countries as the administration is “testing alternative legal statutes” which are “a little more complex but probably a little bit better” than IEEPA. He added that “congressional action would not be necessary” to reinstate similar tariffs. In the meantime, brands have been left to navigate a quickly changing landscape. In today’s episode, Glossy Beauty Podcast host Lexy Lebsack is joined by senior fashion reporter Danny Parisi and senior beauty reporter Emily Jensen to unpack the latest tariff news and share how brands are responding. Both Parisi and Jensen covered the tariff rollback earlier this week for Glossy’s beauty and fashion verticals.

Injectable peptide therapy, a controversial wellness trend that caught fire online in 2025, shows no signs of slowing down in 2026 despite an overwhelming lack of safety data. Peptides, especially “research peptides” like BPC-157 and TB-500, have been hailed by famous podcasters, biohackers, and longevity gurus as a miracle cure for just about anything that ails you, from torn ligaments and gut issues to curbing wrinkles and dull skin. There are several well-studied, FDA-approved peptides available today, such as insulin and GLP-1s like Ozempic and Wegovy, but that’s just a sliver of the peptide pie. There are thousands more with glowing online reviews, but scant scientific data, that can be procured online or through longevity clinics. Mixes of various peptides, called “peptide stacks,” often come with clever names like the ‘'wolverine stack’ or ‘glow protocol’, while others have earned names like ‘Barbie peptide’ for their ability to tan the skin without the sun. These popular stacks are not FDA-approved, so they’re distributed online as 'research peptides' that are meant for in-lab research, not human use — a workaround for their gray market status. To find out more, host Lexy Lebsack sat down with two experts on the topic. First up was NYT’s David Dodge (8:42), who walked us through the rise of peptide therapy online. He published an article for NYT in November titled “The internet loves peptide therapy. Is it really a miracle cure?” Lebsack also interviews McGill’s Jonathan Jarry (29:35), who wrote an article in late 2023 — well ahead of a rush of online articles — called “The human lab rats injecting themselves with peptides.” Jarry walks us through the hard science, and lack thereof, of many popular stacks, ahead.

Over the last week, the beauty industry has seen the closure of three major makeup brands: CoverFX and Mally Beauty are shuttering, while Pat McGrath Labs, once valued at $1 billion, is headed to bankruptcy. This comes on the heels of unexpected 2025 closures that included Ami Colé, Drew Barrymore’s Flower Beauty, REN Clean Skincare, Apostrophe telehealth skincare and Gwyneth Paltrow’s mass line Good.clean.goop. At the helm of two of these brands, CoverFX and Mally Beauty, is AS Beauty CEO Joey Shamah, the founder and former CEO of E.l.f. Cosmetics. “We’ve been coined as a purchaser of distressed assets [at AS Beauty], but we’re not only buying [brands in] distress,” Shamah told Glossy. “We look at them in three buckets. Distressed or challenged is definitely one of them, a second one is divestitures, … and then the third way is similar, but different, where private equity funds have invested in a company, and their funds are sunsetting, so they’re looking to exit.” AS Beauty was founded in 2019 by Shamah and three co-founders. It is the parent company of CoverFX and Mally Beauty, as well as Laura Geller, Julep and Bliss. While the latter two were sunset this past week, Laura Geller has grown more than 10x to over $300 million in sales, Julep has been the No. 1 selling eyeshadow brand on Amazon for several consecutive years, and Bliss has evolved into a multi-category lifestyle brand, according to AS Beauty. In total, AS Beauty’s annual revenue is around $500 million, Shamah told Glossy. Shamah is also the founder and operator of Fit for Life, a fitness equipment licensing company behind brands like GAIAM, New Balance and Fila. AS Beauty purchased Mally Beauty and CoverFX in 2021 and 2022 from investment firms Beauty Visions and L Catterton Partners, respectively. In today’s episode, Shamah joins the Glossy Beauty Podcast to discuss the decision to shutter CoverFX and Mally Beauty — at least for now, we learned — and the economic pressure that led to the decision. He also discussed the challenges of running an underperforming brand, the warning signs that a brand is in distress, and the way an operator comes to the decision to sell, shutter or file bankruptcy.

After a few sleepy years, beauty M&A had a gangbuster 2025, including three deals worth more than a billion each, leading many insiders to speculate on whether the momentum can continue in 2026. “We were excited to see what we saw last year; M&A had become so dormant for a while, we were getting a little concerned,” said Kimber Maderazzo, professor of marketing at Pepperdine Graziadio Business School and former Proactiv and L’Oréal Group executive. “But I think we’ll see something different [this year].” In 2025, E.l.f. Beauty purchased Hailey Bieber’s Rhode for $1 billion in May. Then in June, men’s care brand Dr. Squatch was acquired by Unilever for $1.5 billion, and L’Oréal Group bought clinical skin-care brand Medik-8 for approximately $1.1 billion. “When you see big deals like that, it sends a message out to private equity that strategics are looking for big, big brands that will last over time,” Maderazzo said. “And when we look at the history [of beauty M&A], a lot of those brands [acquired in the past] didn’t.” In this week’s episode of The Glossy Beauty Podcast, host Lexy Lebsack sits down with Maderazzo to discuss the new acquisition rulebook, as she sees it, what strategics are looking for today and what we can expect in 2026. Lebsack also taps Maderazzo to share her “2026 in and out” prediction list and an insider glimpse into the trends and topics most important to the beauty-industry-focused graduate students she teaches today.

What will 2026 mean for the beauty and wellness industries? In today’s special episode, hosts Lexy Lebsack, Emily Jensen and Sara Spruch-Feiner share their 2026 industry predictions. This includes a slowdown of the "no-makeup makeup" aesthetic in favor of bolder color cosmetics trends, the rise of experimental peptide therapy among wellness consumers and an uptick in budget-conscious beauty shoppers. The hosts also made specific predictions, such as an increase in savory scents in fragrance and more clean, value-priced body care in big-box stores. The trio also muses about the bubbles that could burst in 2026, and so much more.