The company specializes in direct-to-consumer distribution of beauty and personal care products through digital retail, leveraging partnerships with social media influencers.

[1] In August 2019, Morphe Holdings announced a new partnership with General Atlantic, which acquired a majority stake in the company.

[4][5] On January 5, 2023, Morphe announced on social media that all its U.S. stores would close immediately, citing criticism of employee working conditions and a shift to focus more on their digital storefront, A week later, on January 12, 2023, Morphe's parent company, Forma Brands, filed for Chapter 11 Bankruptcy.

This decision came amid online criticism of the brand following a feud between beauty vloggers Tati Westbrook and James Charles, as well as accusations of racism against Star.

[3] However, the company cut ties with Charles in 2021 in response to calls for a boycott after he admitted to inappropriately texting two 16-year-old boys when he was in his early 20s.