Tropic Skincare, the beauty brand founded by The Apprentice finalist Susie Ma, has reported a 28% rise in profits, reaching £6.7 million, despite a 4% drop in sales to £62.3 million.
Last year, Ma regained complete ownership of the company by purchasing the 50% share Lord Sugar sold in 2011. She credited the increase in profit to strategic cost reductions, such as negotiating improved supplier deals and reducing stock levels by £1 million.
At 35, Ma is now the sole shareholder of Tropic, with a personal net worth estimated at £73 million. The company paid an £11 million dividend to shareholders in 2023, up from £6 million the year before, as it continues to grow under her direction. Tropic manufactures almost all its products daily at its factory in Croydon, Surrey, and Ma expects revenues to rise further this year as the company invests in new products, software, and manufacturing equipment.
Tropic continues to honor its pledge to philanthropy by giving 10% of its earnings to charity. In 2023, the firm donated £444,674 to United World Schools, aiding education in underprivileged communities. The company has financed schools in Nepal, Cambodia, and Madagascar, with a fourth school set to open by the year’s end.
Tropic, a brand that utilizes over 20,000 part-time ambassadors for sales, provides these ambassadors with a commission of up to 35% on sales. Additionally, there are no recurring fees following the purchase of an initial starter kit. This adaptable business model has aided Tropic in flourishing, despite the existing difficulties for female entrepreneurs.
A Treasury-supported Invest in Women Taskforce report disclosed that only 1.8% of venture capital funding was allocated to all-female founding teams in the first six months of 2024. On the other hand, JP Morgan Private Bank’s independent research indicates that rapidly expanding companies led by women, such as Tropic Skincare and Starling Bank, now represent almost 30% of the total in 2024. This is a substantial increase from 18% in 2021.
Success blooms for Tropic Skincare as profits soar under Susie Ma’s leadership (bmmagazine.co.uk)
