In October 2018, Deciem founder and CEO Brandon Truaxe announced on Instagram that the company would close operations, alleging major financial crimes without specifying them. Estée Lauder sought court intervention; a Canadian court removed Truaxe as CEO and board member, installed Nicola Kilner as sole CEO, and restricted his contact with the company and its social media.
Sources
Brandon Truaxe is the founder and CEO — though he likes to say his official title is “worker” — of Deciem, one of the buzziest skin care companies on the planet right now. When he launched the company, five years ago, it was immediately the talk of the beauty world. At this point, though, the cult of personality that he embodies has overshadowed the skin care company he built to the point that he is no longer in charge of the company he founded. Deciem’s sales have hit $300 million, which is significant for a company best known for its inexpensive products, specifically from its marquee brand, The Ordinary. Kim Kardashian publicly claimed her love of one of the serums, which costs less than $10. Deciem has over 370,000 Instagram followers and a Facebook fan group that is 58,000 strong. Estée Lauder even took a minority stake in the company because of its unique brand proposition and incredible growth. But recently its products and business model have been eclipsed by Truaxe himself. While most CEOs stay safely behind the curtain, Truaxe placed himself into the fray. The unconventional beauty brand founder’s exploits have been followed rabidly by those both interested in incredibly affordable skin care and those who just love messy gossip. As Deciem’s sub-brand the Ordinary gains popularity for its $9 acids, its founder gains notoriety for his incendiary and even offensive Instagram presence. He’s used the platform to insult fans, cancel partnerships, and even posted a photo of an impoverished-looking New Yorker in front of one of the brand’s stores. In a video on Deciem’s Instagram, which has now been deleted, Truaxe said: “This is the final post of Deciem. ... We will shut down all operations until further notice, which will be about two months. Please take me seriously.” The location of the video was tagged as the White House. (It’s not clear that he is actually there, but the likelihood is low. He sometimes uses creative tagging to make points in his posts.) He went on to say, “Almost everyone at Deciem has been involved in major criminal activity, which includes financial crimes.” The largely incoherent message was paired with a long, rambling caption in which he called out many in the company’s inner circle, then went on to name hotels, restaurants, other cosmetic companies, “so many porn ‘studios,’”