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.
Ma, who reclaimed full ownership of the company last year by buying back the 50% stake sold to Lord Sugar in 2011, attributed the profit boost to strategic cost reductions, including negotiating better supplier deals and cutting 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 also continues to uphold its commitment to charitable causes, donating 10% of its profits. In 2023, the company contributed £444,674 to United World Schools, supporting education in impoverished communities. It has funded schools in Nepal, Cambodia, and Madagascar, with its fourth school opening by the end of the year.
The brand, which sells through more than 20,000 part-time ambassadors, offers them a commission of up to 35% on sales and charges no ongoing fees after an initial starter kit purchase. This flexible business model has helped Tropic thrive, even as the landscape for female entrepreneurs remains challenging.
A report from the Treasury-backed Invest in Women Taskforce revealed that all-women founding teams received just 1.8% of venture capital funding in the first half of 2024. However, separate research by JP Morgan Private Bank shows that fast-growing, women-led companies like Tropic Skincare and Starling Bank now make up nearly 30% of the total in 2024, a significant rise from 18% in 2021.
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Success blooms for Tropic Skincare as profits soar under Susie Ma’s leadership