The beauty world -- editors, makeup artists, loyal Lip Glaze-addicted customers -- was pretty much freaking out a few weeks back when the future of Stila looked dire. Bankruptcy rumors swirled and mad dashes to Sephora to stock up on favorites like Kitten Eye Shadow ensued. Then came the news that an investment firm had swooped in at the last minute to buy the brand, but a question hung in the balance: Would the new CEO be cool enough to resuscitate the iconic brand?

For what it's worth, my bet is on yes. I caught up with Stila's new owner (the CEO of Patriarch Partners, LLC) to see what her plans are for the brand, and there's something you should know -- Lynn Tilton is a cool chick. I expected a bean counter in a conservative pantsuit and instead was faced with Lynn in a short black Versace dress and lace-up leather boots. (Already a good sign.)

"I'm not your typical CEO," she told me. Lynn has some bold ideas on how to redirect Stila, including focusing less on traditional retailing -- a move she knows will upset the big stores. Lynn says, "I'll make some people mad, but I don't care. I want to cater to the customers, not the retailers." That means amping up Stila's e-commerce site and spearheading infomercials with instructional makeup tutorials. "Stila will be about educating women on how to be beautiful," she explains.

When asked what prompted her to buy the struggling company, Lynn was quick to point out, "I didn't see a brand that had failed. It was more of an orphan that had lost its way. Stila has great products, a devoted customer base and a talented team. It just needs some nurturing." Already a fan of the makeup line, Lynn says she's having fun playing around with all the products, including the new 24 Karat Lip Glosses from the soon-to-launch summer collection.

To celebrate Stila's resurrection and to say thanks to all the loyal fans, Stila is offering a free, full-sized 24 Karat Lip Gloss (in a color aptly named Appreciation) with any online purchase of $25 or more. "We want people to know how much we appreciate them," Lynn says.

So no need to stockpile Petunia Convertible Color -- Stila is here to stay!