In the ever-evolving world of beauty and wellness, one brand has captured the attention of consumers and industry insiders alike: Beautycounter. Over the past few weeks, the company’s status has been the subject of intense scrutiny and speculation, leaving many wondering about its future.
On May 7, Gregg Renfrew, the brand’s founder and CEO, took to her Instagram page to share an update with her followers. In a candid post, she revealed that Counter Brands, Beautycounter’s parent company, was closing its doors. However, she formed a new company, G2G, and acquired the rights to sell Beautycounter products in the future. While initially targeting a swift relaunch, the timeline proved unfeasible, prompting a shift to a late 2024 target date.
This revelation followed the leak of a confidential email sent to brand advocates – the network of marketers who promoted the brand – on April 17. The email, which surfaced on Reddit, seemed to signal trouble on the horizon, terminating all brand advocates with little explanation beyond legal formalities.
In a subsequent email obtained by PS, Renfrew shed light on the transition. She revealed that after Carlyle Group acquired Counter Brands in 2021, she was asked to step down as CEO. Upon her return in February 2024, she discovered the company’s financial struggles, with more debt than funds to pay it off. Carlyle Group chose not to provide further funding, leading to Counter Brands’ liquidation.
Despite the challenges, Renfrew remains determined to resurrect Beautycounter with the same mission of creating clean, high-performing cosmetic products. The email addressed common questions, confirming that brand advocates will be involved in the new company, products will be available in Ulta stores until July 2024, and the Nantucket seasonal retail location will remain open through summer 2024.
As the beauty industry eagerly awaits further details on the relaunch, fans of the brand can stay tuned to Renfrew’s and Beautycounter’s Instagram pages for updates on this brand’s remarkable journey.