Vasiliki Petrou, CEO of Unilever Prestige who is based in London, is stepping down at the end of July—after ten years in charge. She is leaving to set up her own investment fund. 
 
Petrou founded the Unilever Prestige division in 2014—growing it to one of Unilever’s fastest growing divisions that saw a $1.5 billion turnover in 2023 with strong volume-led growth.

Petrou oversaw the acquisition of ten brands for Unilver Prestige: 

Paula’s Choice, Dermalogica, K18, Murad, Living Proof, REN, Kate Somerville, Hourglass, Tatcha, and Garancia. 
 
In a LinkedIn announcement, Petrou commented,
 
“Being the Unilever Prestige Founder and CEO has been a great honour and I’m proud of the many milestones we achieved together: A portfolio of 10 beautiful brands in just 10 years; becoming a €1.4B global portfolio and consistently growing ahead of the market.”

“On a personal level, as someone who believes in lifting and championing women, being a female leader in a division made up of 80% women has been an incredibly rewarding and inspirational experience.”
 
In her post, Petrou thanked Dave Lewis, Paul Polman, Alan Jope, and Hein Schumacher for supporting her. She also acknowledged the founders of the 10 brands that she brought into the Unilever Prestige division. 

In an Instagram post, Petrou said she made the difficult decision to leave “in pursuit of my dream to set up my own investment fund.⁣”

She ended the IG post with the following:

While I have been the founder and CEO of this unique business, it is important that the commitment to the consumer remains and that you continue to honour the promise we made – to bring joy and beauty and wellness solutions to billions of people around the globe. The best is yet to come.”

How Petrou Leads Brands Toward Success

Petrou has become an expert in leading founder-led brands toward success—while keeping each true to its roots by developing a customized strategy for growth. 

Discussing her team’s strategy at Unilever Prestige, Petrou says identifying and prioritizing the select markets that represent each brand’s greatest opportunity is essential.

• The US accounts for 60% of Unilever Prestige’s business, and is its largest market.
• China is its second-largest market—and Dermalogica, Tatcha, Hourglass and Murad sell well there. 
• The UK is important as well, and Tatcha expanded there in 2022.
• K18 is Unilever Prestige’s newest brand—and the science-based haircare company is setting its sights on growing across professional salons, retail and e-commerce in North America, the UK and Australia.

A key takeaway is when Petrou says, “In Prestige, a certain level of scarcity drives desirability.”

Brand highlights include: 

• Dermalogica and Paula’s Choice are among Unilever’s “power brands, which are 30 of its biggest brands which represent just over 75% of turnover.
• “Hourglass has tripled in size, and Tatcha has doubled,” Petrou says. 

Unilever’s R&D Capabilities Fuel Innovation

Every brand that Unilever Prestige has acquired benefits from having the cosmetic giant’s resources at its disposal, including its R&D capabilities.

Petrou mentions these innovations:

• Unilever’s scientists developed Hourglass Red 0—the first fully vegan red lipstick made without carmine, a pigment derived from crushed beetles.
• Paula’s Choice 25% Vitamin C + Glutathione Clinical Serum was developed in Unilever Prestige’s labs.

Here’s What Unilever Prestige Looks For In a Brand to Acquire

Petrou says she has always been extremely selective about the brands she adds to Unilever Prestige’s portfolio.

She looks for these three characteristics:

1. The brand has to be globally relevant.
2. The brand has to have innovative concepts.
3. The brand has to have a competitive advantage.

Unilever Prestige Began When Petrou Indentified a Gap

Petrou notes how Unilever Prestige began in 2014, saying, “We saw rapid market growth in the prestige beauty sector which, at the time, was a gap for Unilever–so we made our play.”

Now, Unilever Prestige is one of the company’s fastest-growing sectors—and, as Petrou always says, “the best is yet to come.”

The insights noted here are from Unilever’s Q&A with Petrou.

Photo above via Instagram @vasilikiprestige

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