As part of an undisclosed sale to a third-party, Beautycounter has informed its Brand Advocates they’ve been terminated.
As per the above email sent out, BeautyCounter terminated its Brand Advocates effective April 17th, 2024. Around 65,000 Brand Advocates are believed to have been affected.
Who BeautyCounter has been sold off to is unclear but “in connection with the terms of the sale, the company is shutting down its operations”.
Commissions and bonuses in Beautycounter’s now defunct MLM opportunity are tracked through April 17th. Beautycounter advises it expects to pay these commissions and bonuses on or around April 26th.
Beautycounter was founded in 2011 by CEO Gregg Renfrew (right). BehindMLM
reviewed Beautycounter
in 2016.
Renfew sold Beautycounter to private equity firm Carlyle Group in 2021. At the time Beautycounter had a billion-dollar valuation.
Renfew stepped down as Beautycounter’s CEO a few months after the sale. Renfew
reprised her role
at Beautycounter in January 2024 at the request of Carlyle Group.
When Carlyle approached Renfew, she tells CNBC Make it, she was just “crazy enough” to accept.
She aims to continue shepherding Beautycounter through what she hopes will be a new stage of growth, while burnishing her own legacy as its founder.
“At the end of the day, I believe in the company. I believe in the mission. I set out to change the world [and] I really mean that,” she says.
Just a few months later, Beautycounter is over and its disengagement from Brand Advocates is clinically cold.
From and after the Termination Date, you shall not hold yourself out as a Company brand advocate or as otherwise engaging in business for, or on behalf of, or otherwise affiliated with, the Company or its affiliates.
As a reminder, you remain bound by all post-termination obligations under the Brand Advocate Agreement, you remain bound by all post-termination obligations under the Brand Advocate Agreement, including your confidentiality obligations under paragraph 10 of the Brand Advocate Agreement.
It’s the email equivalent of getting called into the boss’ office, getting fired and returning to your desk to find building security waiting.
Presumably Beautycounter’s executives have been taken care of as part of the sale, so there’s no reason to continue keeping up appearances.
Update 19th April 2024 –
It appears Gregg Renfrew purchased Beautycounter off of Carlyle Group.
This is from an
April 18th report from WWD
;
Due to a change in its investment strategy and Beautycounter’s underperformance, Carlyle wanted out and had been looking for interested parties with the help of Goldman Sachs, sources told WWD.
On Thursday, it was revealed that the new owner is none other than founder and chief executive officer Gregg Renfrew, who announced that she would be buying her brand back from foreclosure.
In the last 24 hours Beautycounter’s website has been pulled. In its place is a message from Renfrew;
Unfortunately, the Beautyc
🤖 Quick Answer
What happened to Beautycounter's Brand Advocates?Beautycounter terminated approximately 65,000 Brand Advocates effective April 17th, 2024, following an undisclosed sale to a third party. The company ceased MLM operations as part of the acquisition terms, though the buyer remains unidentified. Commissions and bonuses were tracked through termination date, with payment expected around April 26th.
Who founded Beautycounter and when?
Beautycounter was founded in 2011 by CEO Gregg Renfrew. The company operated as a multi-level marketing enterprise for over a decade before being sold to private equity firm Carl Marks Capital Partners in 2024, resulting in operational shutdown.
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