Gregg Renfrew, founder and chief executive of Beautycounter, bought back the clean beauty line out of foreclosure on April 18, The Business of Beauty has learned. According to the company, she will retain the brand’s name and assets; products and formulations will stay the same. Beautycounter will retain the vast majority of its direct sales associates.
Counter Brands LLC, the parent company of Beautycounter, is winding down; Renfrew and other private investors have secured the label from investment firm Carlyle Group for an undisclosed sum.
Founded in 2013, Beautycounter was an early disruptor in the market for its clean positioning. The line eschews more than 2,800 ingredients in its products. That first-mover advantage led to an acquisition by Carlyle Group for $1 billion in 2021. In 2022, Marc Rey, former chief executive of Shiseido Americas, was appointed CEO. In February, Renfrew returned Beautycounter to replace him.
The Carlyle Group’s beauty fundraising has dwindled following a slew of executive departures, including former head of its consumer and retail group Jay Sammons. He notably left in September 2022 to join Kim Kardashian’s newly formed private equity firm, Skky Partners.
Operations will be paused for two weeks, and Beautycounter will officially relaunch on May 1; existing retail partnerships, like those with Ulta Beauty, will remain intact.
Stay tuned to BoF for updates on this developing story.
