Adore Beauty CEO Steps Down

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By Published On: April 29, 20240 Comments

After just over a year of bringing solid growth to the business, Adore Beauty CEO Tamalin Morton will be stepping down.

Chief Executive Officer of Adore Beauty, Tamalin Morton, will be stepping down from the role in September 2024, citing personal reasons. After a new CEO is found, Tamalin will be taking up a consulting role with the board, to provide ongoing strategic advice to the Company.

Tamalin Morton commenced her role at Adore Beauty on January 9 2023. She brought to the role more than 20 years retail leadership with CEO, General Manager and Chief Operating Officer roles at Priceline, Kathmandu, Spotlight Retail Group, and most recently Best Friends Pets and My Pet Warehouse.

Chair of the Board, Marina Go said, “On behalf of the Board, I would like to thank Tamalin for her outstanding leadership and contribution to Adore Beauty.”

“As CEO, Tamalin has done an excellent job delivering Adore Beauty’s financial and operational successes and developing the strategic plan. Tamalin steps down as CEO with the business in a strong position.”

“Under Tamalin’s leadership, the Company has returned to growth and continues to build solid trading momentum. There has also been significant progression of the strategy, including increasing brand awareness, launching a subscription service, developing our retail media proposition and mobile app growth. This has been in tandem with operational optimisation, to drive profitability.”

Adore Beauty’s first half results for FY24 reflect this strong positioning with the company reporting a 1H FY24 revenue jump of 7 percent up to $100.7 million. Returning customers made up the majority of sales, representing 81 percent. Returning customers totalled a record 507k, up 5 percent on last year, and up 22 percent on a three-year CAGR.  Overall active customers increased just 0.5 percent to 804k. Average Order Value for all active customers increased 4 percent on the PCP to $113.92.

Today’s announcement also provided an update on third quarter results for the company. Q3 results show Adore Beauty is continuing this solid performance. Revenue has jumped 8.9 percent YoY to $45 million. Returning customers continue to grow to a record 514k returning customers. Active customers is also steadily growing, sitting at 811k. The mobile app, which Tamalin oversaw the growth of, is now accounting for 28 percent of total revenue, up from 23 percent on PCP.

“Our executive team, with Tamalin’s support and ongoing guidance, remains focused on executing our strategic initiatives, including exploring a new physical store format, M&A opportunities and private label development,” Chair of the Board, Marina Go said. “The business will continue to build on its strategy of increasing brand awareness, optimising customer experience, and delivering value to our Shareholders.”

Tamalin Morton said, “I would like to thank the amazing Adore Beauty team. I have been immensely proud to lead Adore Beauty and of what we have accomplished together. While personal reasons have led me to make the difficult decision to step down as CEO, I remain committed to Adore Beauty and look forward to supporting the new CEO.” 

The Board will commence a process with a leading search firm to appoint a new CEO. 

Adore Beauty remains on track to achieve an EBITDA margin of 2-4 percent in FY24, however, the company notes that retail conditions are expected to remain challenging for the remainder of FY24, given continued higher cost of living pressures and subdued customer sentiment.

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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