Vincent Longo Has Not Gone Out of the Business: They Came Back in 2011
Vincent Longo is an Italian who has been into color since he was a young boy. In fact, after he graduated in Milano from a makeup studio, he found himself working with many famous designers like Versace, Dolce & Gabanna, Giorgio Armani and others. He started mixing his own colors and eventually became the CEO and Creative Director of Vincent Longo Inc.
He lights up the runways with his designs, works his magic in magazines and does his beauty annotations for individuals a part of ongoing shows. Creating a line of makeup and fashionable looks that New York just simply loves, could it be true that he is now going out of business? In late 2009, Longo found himself in a $5 million lawsuit that put his assets on pause until a hearing that was scheduled to take place in early 2010.
Anthony Minuto, a former business partner at Vincent Longo Inc. filed a lawsuit against Vincent claiming that he was terminated from the company without receiving money or assets that was owed to him. Not only is he asking for the 25% of the company Vincent and Minuto so called agreed upon, but he wants $5 million for the damages that this breakup has caused.
Other individuals holding a part of the company found themselves in the courtroom as defendants. This included Robert Chavez and movies star of hit movie “Aliens,” Weaver. Minuto claims that Longo wrote him a letter claiming that he was relieved of his duties and that any agreements they had between each other would not be honored. This included his ownership to part of the company.
After three months of trying to contact Longo with no response, Minuto felt the only thing left to do was sue him. Before all of this, Longo enjoyed 15 years of success with his line of products beginning in the 90s. Racking in up to $12 million a year, Longo hit a rough patch when the economy took a turn for the worse. He found himself in a financial rut that forced him to cut back on employees and close his office in Manhattan.
Although things were looking pretty bad, Longo seemed to be saved by his loyal customers and his website. In fact, Longo reported that he watched a 40 % growth month after month through his website. The next thing you know, an executive Peter Wagner wanted to invest about $5 million to back Longo’s business. This is just what Longo needed to give his company a fresh new start.
He was able to introduce new products made with new ingredients that his customers would just adore. So, yes it is true that the company suffered a setback in 2009 that left people thinking they were going out of business. However, with a sponsor backing Longo, he has everything he needs to make up rebound sales of $3 million or more, especially with some of his new products priced at about $20. Along with Paula Dorf, Vincent Longo seems to be making a comeback.