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Friday, March 24, 2023

Beautycounter Partners With The Carlyle Group To Accelerate Growth

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Beautycounter, considered a leader in the clean beauty movement, is on the fast-track for growth, following the acquisition by The Carlyle Group

The global investment firm announced Tuesday it has acquired a majority stake in Beautycounter, founded in 2013, positioning the beauty brand for accelerated growth, including boosting brand awareness and building upon the company’s state-of-the-art, omni-channel business. The transaction reflects a market valuation of $1 billion.

“In 2013, I launched Beautycounter with the simple mission to get safer products into the hands of everyone,” said Gregg Renfrew, Beautycounter founder and chief executive officer, in a prepared release.

“Today marks an exciting and important milestone for our company and I am so proud to partner with Carlyle as we continue to work toward achieving that mission,” Renfrew said. “I have long admired Jay [Sammons] and the team at Carlyle for their experience working with brands at the intersection of cultural relevance and consumer demand and believe that our combined vision will be instrumental in accelerating Beautycounter as the leader in clean beauty, and in the beauty industry as a whole.”

The investment allows Beautycounter to continue on its path to becoming a world-class, omnichannel business, Renfrew said.

“We’re planning to drive continued growth by engaging our community, connecting with our customers wherever, whenever, and however they’re shopping,” Renfrew said. “Our community is highly engaged and loyal to our brand, and we know that by further increasing our brand awareness and introducing ourselves to more consumers, we have an incredible opportunity to continue toward our mission of getting safer products into the hands of everyone.”

In addition to focusing on growing and investing in digital capabilities, the brand will also use the investment to launch new products via its in-house lab, Renfrew said.

Sammons, head of global consumer, media and retail at The Carlyle Group, expressed enthusiasm about partnering Beautycounter “to bring safer products to consumers.”

“Beautycounter is a pioneer and leader in the fast-growing clean beauty industry, and we see an opportunity to support a talented, founder-led team in amplifying the brand’s mission to change beauty forever,” Sammons said.

Equity capital for the investment came from Carlyle Partners VII, an $18.5 billion fund that invests in specific industries like consumer, media and retail.

Beautycounter, whose best-selling products include a Vitamin C serum, $82, an overnight resurfacing peel, $65, and a brightening facial oil, $69, currently has three store locations: New York City, Denver and its newest location in Venice.

The Venice location, situated on the breezy, palm tree-lined Abbot Kinney Boulevard, was groundbreaking in terms of innovation as it blends real-time, in-person shopping via virtual livestreaming.

The hybrid store features an in-store studio that serves as ground zero for the California-based brand’s livestreaming content—everything from shoppable makeup tutorials, skin-care tips, and more—that can be viewed from the comfort of home or wherever shoppers may be.

The store’s livestream component—a market expected to reach $11 billion in 2021 and $25 billion by 2023, according to Coresight Research—was key, as the brand recognized it can only reach so many people in the physical store.

“We want to invite as many people as possible into the world of Beautycounter, and through our new store with livestream shopping capabilities, we’ll be able to grow and engage with our community without limitation. As more and more people shop from home, live-selling is a way to reach and engage our community in an incredibly impactful and convenient way,” said Renfrew, about the Venice opening.

“Our in-store studio is not just a store feature. We see it as the future of dynamic content and ecommerce selling.”

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