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April 14, 2021
April 14, 2021

Beautycounter has secured a $1 billion valuation through a majority investment from the Carlyle Group.

WHO: Founded by Gregg Renfrew, a former retail consultant, in 2011 and launched in 2013, Beautycounter is the leader in clean skincare and cosmetics whose mission is to get safer products into the hands of everyone. The Santa Monica, CA-based brand has led the way for improved transparency and accountability in the beauty industry, including advocacy efforts that update federal regulations. The direct-retail model sells clean skincare, makeup, and personal care products through a network of 65,000 direct salespeople, brick-and-mortar stores, and online. Beautycounter was one of the first brands to develop a Never List, which has grown to more than 1,800 ingredients they choose to never use when creating their products.

The Carlyle Group is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Investment Solutions. The firm has $246 billion of assets under management as of December 31, 2020, with 1,825 people in 29 offices across five continents.

WHY: The investment in Beautycounter builds on Carlyle’s long-term focus on partnering with founder-led brands focused on growth. The partnership will allow Beautycounter to accelerate its strategic initiatives, including increasing brand awareness as well as bolstering the company’s innovative, integrated, omnichannel business model.

IN THEIR OWN WORDS: “In 2013, I launched Beautycounter with the simple mission to get safer products into the hands of everyone,” said Beautycounter founder and CEO Gregg Renfrew. “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. I have long admired Jay 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.”

“We are so excited to partner with Gregg and her outstanding executive team to support Beautycounter’s movement to bring safer products to consumers,” said Jay Sammons, Head of Global Consumer, Media & Retail, The Carlyle Group. “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.”


  • The Carlyle Group made a majority investment in Beautycounter. The transaction values the company at $1 billion.
  • Carlyle made the investment from Carlyle Partners VII, an $18.5 billion fund.
  • Mousse Partners also participated in this round of financing, having previously invested in the company in 2018.
  • TPG Growth led a $21.3 million minority investment in 2014 and is among those exiting as part of the deal.
  • Beautycounter was last publicly valued at about $400 million in 2018, according to PitchBook. However, Beauty Inc’s annual Top 100 research estimates that for 2020, Beautycounter grew 20 percent to more than $500 million in sales.
  • According to Business of Fashion, the company added $13 million in funding from 33 undisclosed parties in 2016.
  • Counter Brands, LLC acquired the worldwide assets of NUDE Skincare, Inc. from LVMH in Q2 of 2016. As part of the transaction, Ali Hewson and her husband Bono will become investors in the company.
  • Evercore acted as lead financial advisor, and Goldman Sachs acted as financial advisor to Beautycounter, and Latham & Watkins served as legal counsel. Kirkland & Ellis acted as legal counsel to Carlyle.

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