Clean beauty favorite, Beautycounter, plummeted from a multi-million dollar brand to closure after a private equity takeover, resulted in devastating pay cuts exceeding 50% for their employees. Gregg Renfrew, who started Beautycounter with a passion for clean skincare, began her multi-level marketing model in 2011. Carlyle, an investing firm with $425 billion in investor power, took a chance and invested $600 million in the brand in May 2021.But this investment turned out to be one of Carlyle's biggest failures in 37 years, with all of the money they put into Beautycounter lost.
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