Carlyle, a prominent global private equity firm, invested $600 million in a skin care company named Beautycounter, known for its chemical-free cosmetic products sold through independent sellers. Despite Carlyle's success in industries like aerospace equipment and wind turbines, their investment in Beautycounter turned out to be a major failure. This investment, led by Jay Sammons, was meant to capitalize on the company's potential growth under the leadership of its founder, Gregg Renfrew. Renfrew had built Beautycounter around a mission of creating cosmetic products without harmful chemicals, utilizing a multilevel marketing model for distribution. However, the company's reliance on direct selling and expensive products like $87 antioxidant cream proved unsustainable. This episode serves as a cautionary tale for private equity firms venturing into unfamiliar territories and highlights the challenges of investing in consumer products and direct selling models.