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Beautycounter

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Beautycounter
IndustrySkin care, cosmetics[1]
Founded2013
FounderGregg Renfrew
DefunctApril 27, 2024 (2024-04-27)
HeadquartersSanta Monica, California
Websitebeautycounter.com

Beautycounter was an American direct to consumer and multi-level marketing[2][3] company that sold skin care and cosmetic products.[1] As of 2018, the company had 150 products with over 65,000 independent consultants, and with national retailers.[4] In April 2021, Beautycounter was acquired by The Carlyle Group in a deal that valued the company at $1 billion. In March 2024, Carlyle wrote off its investment in the company and the company went into administration in April 2024.

History

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Beautycounter was founded by Gregg Renfrew in 2013.[5] Renfrew had previously worked with merchandising executives such as Martha Stewart and Susie Hilfiger.[4][6] Beautycounter released nine products in March 2013, including facial cleansers, eye creams, and shampoo.[4] The company launched as a direct retail brand, selling through its website, independent consultants, and retailers including J.Crew, Target and Sephora.[4][7][1]

Beautycounter was one of Allure magazine's Best of Beauty award recipients for their lip sheer in twig (2014)[8] and dew skin tinted moisturizer (2015).[9] Beautycounter became a founding member of the nonprofit Environmental Working Group's verification program, which aims to make it easier for consumers to identify consumer goods that do not contain toxic ingredients.[10] The company compiled a "never list" of reportedly harmful chemicals omitted from their products.[11]

In 2016, Beautycounter launched its first mascara line.[12] Later that year, Beautycounter's Lengthening Mascara was one of Allure's Best of Beauty products in the natural category.[13] In June 2016, Beautycounter acquired the worldwide assets of Nude Skincare, Inc. and Nude Brands, Ltd., Ali Hewson's natural beauty line, from LVMH. As part of the acquisition, Hewson's husband Bono became an investor in Counter Brands, LLC., Beautycounter's parent company, and Hewson became a board member.[14][15][16]

In 2018, the company opened its first brick and mortar store in Manhattan.[17] A second location opened in 2019, in Denver, Colorado.[18][19] In March, the company was named to Fast Company's Most Innovative Companies list, for its efforts to promote nontoxic ingredients in beauty products.[20] In June, the company was also named to CNBC's 2020 Disruptor 50 list, as a next generation billion dollar business.[21] In December, the company opened a hybrid retail store and livestream content studio in Los Angeles.[22]

In February 2020, the company released a documentary Transparency: The Truth About Mica, as part of its efforts to promote ethical mining. The documentary films an in-person audit of the company's mica supply chain, to ensure responsible sourcing.[23]

In April 2021, American private equity firm The Carlyle Group acquired a majority stake in Beautycounter in a roughly $600 million acquisition which valued parent Counter Brands, LLC. at $1B.[2][24]

In January 2022, Marc Rey was named as the company's new CEO, and founder Renfrew became executive chair.[25]

In May 2023, Marc Rey stepped down as CEO and Beautycounter's board director, Mindy Mackenzie was announced as interim CEO before the return of Renfrew to lead the company.[26]

The company went into administration in April 2024 following Carlyle's decision in mid-March to walk away from its investment in the company.[2][27] Renfrew purchased rights to the Beautycounter name and additional assets in administration at a cost of several million dollars with plans to relaunch the company later in the year.[2]

Legislation

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In 2014, Renfrew hired public health and environmental advocate Lindsay Dahl to lead company advocacy and lobbying efforts to reduce harmful chemicals used in the cosmetic industry.[4][5][28] Renfrew and Beautycounter hosted a congressional briefing in Washington, D.C., in fall 2015, regarding the potential dangers of under-regulated beauty products.[5] In May 2016, Renfrew went to Washington, D.C., with a group of 100 women representing all 50 U.S. states to discuss the importance of regulation in the beauty industry with senators, representatives, and legislative staff.[4][12][29] Renfrew also testified in a congressional hearing on cosmetic reform in December 2019.[30]

In 2021, Beautycounter led two days of virtual lobbying with members of Congress on federal standards regarding clean beauty.[31]

References

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  1. ^ a b c "Bono-backed Beautycounter is moving in to Sephora, bringing its clean makeup to the masses". CNBC. June 16, 2020. Retrieved September 23, 2021.
  2. ^ a b c d Holman, Jordyn; Farrell, Maureen (July 10, 2024). "How a Distinctive Beauty Brand Fell Apart, Sinking Almost $700 Million With It". The New York Times. Retrieved July 10, 2024.
  3. ^ Mandell, Janna (February 15, 2022). "Shaky science led to a rush of 'paraben-free' beauty products. But they might not be safer". The Washington Post. Retrieved July 10, 2024.
  4. ^ a b c d e f David Gelles (October 8, 2016). "Selling Shampoo, Eye Cream and a Chemical Crackdown". New York Times. ISSN 0362-4331. Retrieved December 17, 2016.
  5. ^ a b c Lauren Schwartzberg (March 22, 2016). "Meet The Natural Beauty Company That's Making Advocacy A Selling Point". Fast Company. Retrieved December 17, 2016.
  6. ^ "Beautycounter's Promise: Only Safe Ingredients". Wall Street Journal. June 11, 2015. Retrieved December 17, 2016.
  7. ^ Brianna Wiest (September 16, 2016). "The New Beautycounter for Target Line Is So Major". Allure. Retrieved December 17, 2016.
  8. ^ "Lipstick in Twig Review". Allure. September 9, 2014. Retrieved December 17, 2016.
  9. ^ "Best of 2015: Natural Wonders". Allure. September 10, 2015. Retrieved December 17, 2016.
  10. ^ Hannah Furlong (October 28, 2015). "New EWG Verification Identifies Personal Care Products Free of Toxic Ingredients". Sustainable Brands. Retrieved December 17, 2016.
  11. ^ Gelles, David (November 21, 2018). "Gregg Renfrew of Beautycounter on Toxic Chemicals and Getting Fired by Messenger". The New York Times. Retrieved June 1, 2020.
  12. ^ a b Elizabeth Segran (June 14, 2016). "How One Company's Mascara Became A Symbol Of Political Protest". Fast Company. Retrieved December 17, 2016.
  13. ^ Liana Schaffner (September 12, 2016). "Best of Beauty 2016: The Naturals". Allure. Retrieved December 17, 2016.
  14. ^ Vanessa Friedman (June 27, 2016). "Bono and Ali Hewson Join a Natural Beauty Juggernaut". New York Times. Retrieved December 17, 2016.
  15. ^ Anne Field (August 6, 2016). "Beautycounter And NUDE Skincare Are Ironing Out The Details Of Their Deal, With Bono As Investor". Forbes. Retrieved December 17, 2016.
  16. ^ Allison Collins (June 27, 2016). "Bono Invests in Beautycounter as Part of Nude Skincare Acquisition". WWD. Retrieved December 17, 2016.
  17. ^ Sandler, Emma (December 19, 2018). "How Beautycounter and Glossier are evolving the peer-to-peer selling model". Glossy. Retrieved April 10, 2020.
  18. ^ Singer, Daliah (April 18, 2019). "Beautycounter Is Coming to Denver". 5280. Retrieved April 10, 2020.
  19. ^ Ritz, Jessica (June 21, 2019). "In Denver, "Free Market" Is Trying to Reinvigorate Brick-and-Mortar Retail". Metropolis. Retrieved April 10, 2020.
  20. ^ "The world's most innovative beauty companies of 2020". Fast Company. March 10, 2020. Retrieved August 20, 2021.
  21. ^ "Disruptor 50 2020". CNBC. May 6, 2021. Retrieved August 20, 2021.
  22. ^ "Why this beauty startup is live-streaming everything inside its new store". Fast Company. December 2, 2020. Retrieved September 23, 2021.
  23. ^ "This 'Clean' Beauty Ingredient Often Involves Child Labor". The Cut. February 13, 2020. Retrieved December 20, 2022.
  24. ^ "Carlyle to Take Majority Stake in Owner of Beautycounter". Wall Street Journal. April 13, 2021. Retrieved September 23, 2021.
  25. ^ "EXCLUSIVE: Beautycounter Names New CEO". Yahoo. January 19, 2022. Retrieved December 20, 2022.
  26. ^ "Marc Rey Steps Down as Beautycounter CEO". Cosmetics & Toiletries. June 1, 2023. Retrieved October 16, 2023.
  27. ^ Segran, Elizabeth (May 21, 2024). "From $1B to broke: How private equity killed Beautycounter, the beloved clean beauty brand". Fast Company. Retrieved May 23, 2024.
  28. ^ Christina Anderson (May 1, 2013). "Beautycounter Reveals Truth About Your Cosmetics...And It May Scare You". The Huffington Post. Retrieved December 17, 2016.
  29. ^ "Beautycounter.com is in D.C. right now lobbying for more stringent cosmetic safety laws". Fast Company. May 16, 2016. Retrieved December 17, 2016.
  30. ^ "Woman makes powerful plea at House hearing on historic bill to regulate cosmetics, personal care products". Good Morning America. December 4, 2019. Retrieved August 26, 2021.
  31. ^ "Cosmetic Reform Is The Focus Of A Two-Day Virtual Lobbying Event Organised By Beautycounter". MLMEYE. June 27, 2021. Retrieved December 3, 2021.
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