Following last week’s announcement that Tennealle O’Shannessy, CEO of Adore Beauty, is poised to exit the business early next year, the e-tailer’s shares bounced up and down before stabilising.
As Covid-19 restrictions have eased, Adore Beauty saw a revenue slowdown in its third quarter to $42.7 million – a growth of only 9 per cent.
O’Shannessy became CEO of Adore Beauty in August 2020, following the stepping down of co-founder Kate Morris. Morris is still a director of the company.
Quadrant, a leading private equity firm, bought 60 per cent of Adore Beauty in 2019 and the company launched a highly publicised IPO on the Australian Stock Exchange on October 2020.
Leading analysts predict double-digit CAGR for Adore Beauty over the next five years because of its huge 11,700 product range, customer loyalty and strong online performance. A positive outlook in spite of the fact that the company’s stock has dropped 72 per cent of its value over the past 12 months.
O’Shannessy will remain at the helm until February next year during a global search for her successor.
Her next role will be to helm IDP Education, a global leader in education services which operates in 50 countries.
Marina Go, Chair of Adore Beauty, praised O’Shannessy’s leadership over the past two years, leaving the business well-positioned for the growth predicted by anlaysts.
“The foundations of our long-term growth strategy are now in place with our mobile app, loyalty program, and first “owned brand” all launched and scaling strongly in a market benefiting from the structural shift to e-commerce, which has seen us increase our active customer base by 90 per cent in two years,” she added.
Read the current issue of our digital magazine below:
- For more news and updates, subscribe to our weekly newsletter
- Follow us on Instagram
- Like us on Facebook
- Connect with us on LinkedIn