04.19.24
The Carlyle Group is selling its majority stake in Beautycounter, and the buyer is none other than founder and recently returned CEO Gregg Renfrew.
Renfrew returned to the company as CEO, after leaving in 2023. She is now buying back her brand from foreclosure.
In April 2021, the Carlyle Group acquired a majority share of Beautycounter valued at $1 billion.
Beautycounter also announced that operations will be paused for two weeks and will relaunch on May 1st. The brand issued job cuts, closing its New York and Denver locations, however, its store in Nantucket remains open.
A spokesperson for Carlyle says:
“Over the last three years, Beautycounter experienced significant market and channel headwinds. We undertook every effort to support the brand, including by increasing marketing spend, driving innovation to broaden the product portfolio, and enhancing the omnichannel strategy – and investing additional capital into the business to support these initiatives along the way. However, the business continued to lose ground. With the backdrop of significant near-term capital needs, we determined that exiting the business through a sale back to Gregg was in the best interest of all parties and ensured business continuity.”
Beautycounter Launches at Ulta Beauty In-Stores & Online
Renfrew returned to the company as CEO, after leaving in 2023. She is now buying back her brand from foreclosure.
In April 2021, the Carlyle Group acquired a majority share of Beautycounter valued at $1 billion.
Beautycounter also announced that operations will be paused for two weeks and will relaunch on May 1st. The brand issued job cuts, closing its New York and Denver locations, however, its store in Nantucket remains open.
A spokesperson for Carlyle says:
“Over the last three years, Beautycounter experienced significant market and channel headwinds. We undertook every effort to support the brand, including by increasing marketing spend, driving innovation to broaden the product portfolio, and enhancing the omnichannel strategy – and investing additional capital into the business to support these initiatives along the way. However, the business continued to lose ground. With the backdrop of significant near-term capital needs, we determined that exiting the business through a sale back to Gregg was in the best interest of all parties and ensured business continuity.”
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