Beautycounter: Gregg Renfrew. She Built Beautycounter to $1B… Then Got Fired From Her Own Company

Greg Renfrew's career began with selling Xerox copiers, experiencing the challenges of door-to-door sales and the realization early on that perseverance is key. Her first notable business was an online wedding registry, inspired by her observations of the wedding gift process and her time in London. She innovated by integrating online purchasing with a bespoke service, partnering with prestigious British brands, and raising capital during the dot-com boom. This venture grew rapidly, reaching hundreds of millions in revenue, but was undone by the collapse of the dot-com bubble, illustrating the risks of 'growth at all costs.' Her sale to Martha Stewart marked a high point, but also exposed her to new challenges in the corporate world.

Greg noticed a significant gap in the beauty industry for high-performance, safe, and environmentally friendly products. At that time, 'clean beauty' was not a defined term, and creating products void of harmful chemicals was a radical idea. She emphasized the complexity of defining 'clean' and aimed to set new industry standards. Her strategy involved building a community of women as brand ambassadors through direct sales, leveraging trust and personal recommendation, which helped grow the brand rapidly. The model focused on education, community-building, and product performance, scaling to hundreds of millions in sales.

Despite rapid growth and significant investment, including an $80 million raise from VCs and private equity, Greg faced difficulties as the business navigated post-pandemic uncertainties and market shifts. The company struggled with pandemic-related disruptions, COVID variants, and changing consumer habits. This led to pressure from investors, ultimately resulting in her being ousted as CEO in October 2021, despite her ownership stake. The relationship with new leadership was strained, and internal struggles compounded the company's difficulties, culminating in assets being foreclosed and a takeover by the bank.

In a surprising turn, Greg acquired her company's assets out of foreclosure on short notice, driven by her passion and belief in the brand’s mission. She decided to rebuild the business from scratch, emphasizing transparency and authenticity. The new Counter brand maintained a multi-channel strategy including e-commerce, community-focused brand ambassadors, and selective retail partnerships, with an emphasis on clear, meaningful 'clean' standards. Greg's journey highlights resilience, adaptability, and her ongoing commitment to the movement for safer, better beauty products.