Adore Beauty CEO Tamalin Morton to step down
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The news: Adore Beauty CEO Tamalin Morton will step down in September for personal reasons, having led the company since January 2023.
The numbers: The online cosmetics retailer also provided a business update for the third quarter, recording revenue of $45 million, up 8.9% on the prior corresponding period.
Despite noting that retail conditions are expected to "remain challenging" for the remainder of the financial year due to continued higher cost of living pressures and subdued customer sentiment, Adore Beauty said it is on track to achieve an EBITDA margin of 2% to 4% in FY24.
Returning customers (6.4%) and active customers (2.4%) were both higher year on year, and revenue from mobile app purchases accounted for 28% of total revenue for the quarter, up 23%.
The context: The Melbourne-based group said Morton will leave her role at the company for personal reasons, but will take up a consulting role to provide ongoing strategic advice to the board after the transition to a new CEO.
What they said: Adore Beauty's chair Marina Go said: “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".
The source: ASX announcement
