Adore Beauty
 | |
| ASX: ABY | |
| Industry | Retail |
| Founded | 1999 |
| Founder |
|
Key people | Sacha Laing (CEO) |
| Website | adorebeauty |
Adore Beauty is an Australian beauty retailer.[1] The company was founded in 1999 by Kate Morris and James Height and is based in the suburb of Northcote in Melbourne, Victoria.[2] It is listed on the Australian Securities Exchange.
History
[edit]The company was founded in 1999 by Kate Morris, a 21-year-old business student, and her boyfriend James Height.[3][4] Morris used savings and an A$12,000 loan from Height's parents to start the business, which she ran out of her garage.[5][6] She found a company in the newspaper to build the first website, which cost A$8,000 and took six months.[7]
At first, the company only stocked two small Australian brands: Baiame and Santalia. The first mainstream brand, Bloom, signed on in 2002.[6] Clarins signed on in 2006.[7]
The company had a $2 million turnover by the end of 2010.[8] In 2014, the company secured a deal with Estee Lauder Companies to become an authorized agent for Clinique, Bobbi Brown and Estee Lauder brands.[9] That same year, the company earned over $7 million in revenue and ranked 29th in the Smart Company ‘Smart50’ Awards.[3] Morris won the Innovation Award for Victoria in the 2014 Telstra Women's Business Awards.[10]
In 2015, Australian retailer Woolworths Limited bought a 25% stake in the company for an undisclosed sum. The investment grew the company 70% over one year.[1][5]
The company reported an annual turn over of $16 million in 2016, carrying 150 brands and 10,000 products.[7][11] The company is an official online stockist of Dermalogica, ghd, Clarisonic, Lancôme, Benefit Cosmetics, Aesop and Kérastase.[12] The company's Findation service, which compares 22,000 foundations to find the best match, had 1.5 million users, as of 2015.[13]
In 2016, the company began expanding into China.[5][14] In 2017, Morris bought back Woolworths' 25% stake in the business, restoring her stake to 100%.[15] Morris and Height were co-CEOs until 2018 when Height became the sole CEO.[16]
In 2019, Morris sold 60% of Adore Beauty to Quadrant Private Equity.[17] In August 2020, Tennealle O'Shannessy took over as CEO from Height.[18] In October 2020, the company listed on the Australian Stock Exchange.[19]
Tamalin Morton became CEO in January 2023 after O'Shannessy left the company the previous month.[20] In May 2023, Morris and Height announced they would step down from their executive roles (chief innovation officer and chief data officer, respectively) at the end of June but retain their boards seats.[16]
Adore Beauty purchased Ikou, a wellness and skincare brand with three stores in New South Wales, in June 2024 for $25 million. The purchase gave Adore Beauty its first physical retail footprint and helped the company improve its private label revenue.[21] In July 2024, Sacha Laing took over as CEO.[22] In November 2024, the company announced its plan to open at least 20 Adore Beauty stores and expand Ikou to 8–10 stores within three years.[23] The first Adore Beauty store is expected to open by the end of 2024.[24]
See also
[edit]References
[edit]- ^ a b Robb, Kirsten (15 May 2015). "Adore Beauty founder Kate Morris: Why I sold a 25% stake in my $10 million business to Woolworths". SmartCompany. Archived from the original on 14 April 2016. Retrieved 24 September 2022.
- ^ Carmody, Broede. "Small business decides: Adore Beauty founder Kate Morris on the importance of high-speed internet." Smart Company. 26 May 2016
- ^ a b Villanueva, Aaron Jefferson (15 September 2014). "29. Adore Beauty". Smartcompany. Archived from the original on 7 March 2016. Retrieved 1 May 2023.
- ^ Koehn, Emma (28 February 2023). "Shoppers love its free Tim Tams, but can Adore Beauty weather the storm?". The Sydney Morning Herald. Retrieved 1 May 2023.
- ^ a b c Bogle, Ariel. "How to take a beauty website from an Australian garage to China." Mashable. 19 April 2016
- ^ a b Cain, Alexandra. "Beauty in the eye of the online shopper." The Sydney Morning Herald. 27 July 2010
- ^ a b c Smith, Fiona. "Adore Beauty’s Kate Morris founded a $16 million business on cosmetics and code." Financial Review. 18 May 2016
- ^ Carmody, Broede. "Four lessons in business success from Adore Beauty founder Kate Morris." Smart Company. 29 Jan. 2016
- ^ Robb, Kirsten. "How I snagged a deal with Estee Lauder." Smart Company. 4 Dec. 2014
- ^ Harper, Jane. "Woolworths snaps up 25 pc of online retailer Adore Beauty." The Courier Mail. 14 May 2015
- ^ Ainomugisha, Gerald. "This Australian e-commerce site is tapping into the $100 billion Chinese beauty market." Australian Anthill. 28 Apr. 2016
- ^ Hawkes, Helen. "Good grooming in one click." Financial Review. 23 July 2015
- ^ Kelly, Jen (6 June 2015). "Four Melbourne businesswomen reveal their secrets to success". Herald Sun. Retrieved 24 September 2022.
- ^ Daquino, Laura. "Beauty Queen Eyes China." Business News Australia. 18 May 2016
- ^ Waters, Cara (13 February 2017). "Adore Beauty founder buys back stake from Woolworths". The Sydney Morning Herald. Retrieved 24 September 2022.
- ^ a b LaFrenz, Carrie (1 May 2023). "Adore Beauty founders to step aside, remain on board". Australian Financial Review. Retrieved 1 May 2023.
- ^ Mitchell, Sue (16 September 2019). "Adore Beauty eyes expansion as Quadrant takes 60pc stake". Australian Financial Review. Retrieved 24 September 2022.
- ^ Evans, Simon (28 September 2020). "Why the Adore Beauty co-founder brought in a helping hand". Australian Financial Review. Retrieved 1 May 2023.
- ^ Huntington, Patty (23 October 2020). "Australia's Adore Beauty Raises $192 Million in IPO". WWD. Retrieved 24 September 2022.
- ^ "Australia's Adore Beauty names new CEO". FashionNetwork.com. 25 November 2022. Retrieved 1 May 2023.
- ^ LaFrenz, Carrie (28 June 2024). "Adore Beauty snaps up Blue Mountains wellness brand Ikou for $25m". Australian Financial Review. Retrieved 29 June 2024.
- ^ LaFrenz, Carrie (29 July 2024). "ASX: ABY Adore Beauty names". Australian Financial Review. Retrieved 18 November 2024.
- ^ Adams, David (25 November 2024). "Why Tim Tams are essential to Adore Beauty's big bricks-and-mortar bet". SmartCompany. Retrieved 20 December 2024.
- ^ Sams, Lauren; LaFrenz, Carrie (1 November 2024). "How Mecca outfoxed Sephora in the Australian beauty glow-up". Australian Financial Review. Retrieved 18 November 2024.