Vasiliki Petrou, Chief Executive of Unilever Prestige, said on LinkedIn, "I have made the difficult decision to leave in pursuit of my dream to set up my own investment fund."

She has led the business unit since its launch a decade ago. Known for having an eye for emerging growth segments and scooping up some of beauty's hottest brands, she has built a portfolio that has delivered 13 consecutive quarters of double-digit sales growth up to the first quarter of 2024.

In 2014, Petrou was tasked to acquire a portfolio of emerging prestige brands that Unilever could scale. Unlike many beauty conglomerates that acquire and merge brands into the group, Petrou took a different approach, leaving brands to function independently while helping them unlock growth through Unilever's global reach, operational expertise, and world-leading R&D.

The start-up mentality that permeates Unilever's Prestige has managed to retain many of the founders behind its brands it acquired, which has helped shape an entrepreneurial culture. The strategy has worked. Since 2017, around 60% of the division's turnover increase has been driven by organic growth. Part of the Beauty & Wellbeing business group, it is growing ahead of the market, with some of its brands having doubled (Tatcha) and even tripled (Hourglass) in turnover since joining Unilever.

Dermalogica and Paula's Choice, with a turnover approaching a billion euros, have risen to the ranks of power brands―30 businesses within the larger Unilever portfolio that make up 70% of group sales. Murad, Living Proof, Tatcha, Hourglass, and the most recent addition to the portfolio, K18, exceed $100 million in turnover. While REN Clean Skincare, Kate Somerville, and Garancia are, according to WWD, thought to be less than $50 million in revenue.

Petrou posted on LinkedIn, "The idea of Unilever Prestige disrupted long-held paradigms and created a new-to-the-world playbook of premium beauty acquisitions and sustainable long-term growth. Being the Unilever Prestige Founder and CEO has been a great honor, and I'm proud of the many milestones we achieved together: a portfolio of 10 beautiful brands in just 10 years; becoming a €1.4 billion [$1.07 billion] global portfolio, and consistently growing ahead of the market."

The Deals:  

• December 2023 - Biotech haircare brand K18 founded in 2021 by Suveen Sahib and Britta Cox in what is thought to be a $1 billion deal.
• June 2021 - TA  Associates sold Paula's Choice to Unilever for a reported $2 billion.
• June 2019 - Tatcha was acquired in what industry insiders say was close to a $500 million deal.
• March 2019 - French derma-cosmetic brand Garancia will join the portfolio.
• June 2017 - Unilever adds its first color cosmetics brand to the portfolio acquiring Hourglass.
• April 2016 - Living Proof was generating under $100 million in sales when the brand was acquired.
• September 2015 - Murad had a turnover of $115 million when it was acquired.
• June 2015 - Unilever acquired Dermalogia.
• May 2015 - Unilever has added Kate Somerville Skincare to its prestige portfolio.
• March 2015 - Acquired iconic British skincare brand REN.

Unilever Chief Financial Officer Fernando Fernandez told investors at the Q1 2024 results presentation that all its larger Prestige Beauty brands delivered positive growth through the quarter―with particularly strong performances from Tatcha, Hourglass, and Living Proof.

“The continuing volume-led growth of Prestige Beauty is successfully reshaping our portfolio and increasing our exposure to the critical US market and, in particular, to selective premium and online channels,” he said.