04.18.24
This story was updated at 9:22 pm on April 18, 2024.
The Carlyle Group is selling its majority stake in Beautycounter. Gregg Renfrew—founder and recently returned chief executive officer—is the buyer.
The Carlyle Group acquired its majority share of the clean beauty brand in April 2021 in a deal that valued the fast-growing Santa Monica, CA-based skincare company at $1 billion.
Renfrew left the company in 2023; she returned as CEO on Feb. 1, 2024.
"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. We look forward to following Beautycounter’s next chapter and wish every success to Gregg and her team," said a spokesperson for Carlyle.
Beautycounter recently expanded its reach into fine fragrance, as reported by Happi.
The Carlyle Group is selling its majority stake in Beautycounter. Gregg Renfrew—founder and recently returned chief executive officer—is the buyer.
The Carlyle Group acquired its majority share of the clean beauty brand in April 2021 in a deal that valued the fast-growing Santa Monica, CA-based skincare company at $1 billion.
Renfrew left the company in 2023; she returned as CEO on Feb. 1, 2024.
"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. We look forward to following Beautycounter’s next chapter and wish every success to Gregg and her team," said a spokesperson for Carlyle.
Beautycounter recently expanded its reach into fine fragrance, as reported by Happi.