The decision comes after Unilever had put Ren, a natural and sustainable clean skincare pioneer founded in 2000 by Antony Buck and Robert Calcraft, who subsequently launched Cultured Biomecare, and sold to Unilever in 2015, a year before Goop entered the skincare space and clean beauty was thrust into the mainstream, under strategic review and failed to find a buyer for it, according to reporting by the publication Women’s Wear Daily.

Exploring the dynamics behind Unilever’s failure to divest Ren and its shuttering, for this edition of our ongoing series posing questions relevant to indie beauty, we asked seven investors and investment bankers the following questions: Why was Unilever unable to find a buyer for Ren? What does the move to close the brand convey about the current market for beauty brands? Are there any lessons up-and-coming brands should draw?