Midas Cosmetics Is Closing Down: Here’s What We Know
Founded in 2018, Midas Cosmetics, an Afro-Latina owned beauty brand based in the USA, was for a period of time a hot brand in the cosmetics world. Midas was well known for its affordable products, no-nonsense marketing, cruelty-free status, and collabs with names like Hannah from the @glow_smokey YouTube channel.
However, just before the new year began, Midas Cosmetics’ owner Rocio Nuñez made an unfortunate announcement relating to the brand’s future:
Midas Cosmetics is closing. Their website is still online, and all of their products are on sale until they are sold out. The company has left the door open to reentering the beauty world in the future.
Specifically, Nuñez posted the following to the Midas Cosmetics Facebook page on 31 December 2022:
While the news may sound shocking, the red flags for the business have been lingering for a while. In September 2021, Midas started a crowdfunding campaign on the GoFundMe platform. At that time, Midas did not have sufficient working capital to fulfill orders. While this campaign raised around $1,000, it was ultimately successful.
Following the crowdfunding campaign, Nuñez announced that she had been diagnosed with Borderline Personality Disorder and planned to put her mental health before the business – a brave move that brings us to where we are today.
Despite the fact that Midas Cosmetics is closing, all hope is not lost. Midas still has two final products which will be launching in February, and Nuñez made clear in her Facebook announcement that while she intends to spend 2022 focusing on herself, this does not mean she won’t return to working on Midas Cosmetics in the future.
To top it all off: Midas Cosmetics currently has a 50% off sitewide sale. Products are selling out fast, so it’s worth checking out now rather than later.