What role do Unilever’s biggest Beauty & Wellbeing brands play in the future of the business?
We will only succeed if our biggest brands succeed. We will have a ruthless focus on our core brands in our core geographies, which is a change in our strategy.
The Prestige Beauty business reported another year of double-digit growth in 2022. What contributed to this result?
We’ve put together a very strong portfolio of complementary brands that are authentic, transparent and inclusive, and perfectly fit with consumer needs.
The brands have a very powerful innovation programme that has allowed Prestige to deliver a very consistent growth rate.
How will you continue this growth story for Prestige?
We will continue our strategy of keeping authenticity in our brands and their relationship with their consumers, while continuing to build strong brands and produce hero products that are timeless.
Unilever’s new Health & Wellbeing category also achieved double-digit growth last year, and completed the acquisition of Nutrafol. What inspired Unilever to enter this sector?
This is a very attractive segment, driven by a consumer shift to health as a lifestyle pursuit, and increasing purchasing power in the market.
How do you see Health & Wellbeing growing in the future?
We have a portfolio of powerful brands playing in very complementary benefit spaces – Liquid I.V. in functional hydration, OLLY in sleep and mood, Onnit in nootropics, and Nutrafol in hair health. The intention is to dominate the right segments where we can establish leadership. This is where we will see success and where we’ve already seen success to some extent.
How important will this new area be for the business?
It’s very important. We have four key pillars in Beauty & Wellbeing – Core Hair Care, Core Skin Care, Prestige Beauty, and Health & Wellbeing. All of them have growth potential. Both Health & Wellbeing and Prestige are US-centric businesses with brands that have the potential to establish consistent and coherent global platforms. They are exciting growth engines.
What do you consider to be the next big trends in beauty and wellbeing?
We’ll continue to see authentic, transparent and inclusive products capture consumer preference in the next few years.
This is why our strategy is guided by a simple, yet powerful mantra – Purpose. Science. Desire. This means creating purposeful and meaningful brands that positively impact people and planet, using cutting-edge science and technology for superior products, and increasing the desirability of our brands to make them relevant and timeless.
Fast forward to 2030: what changes will we see in terms of portfolio, partnerships and products?
We will set the ship in the right direction, which will take time and won’t be an easy fix. With the Health & Wellbeing and Prestige businesses as well as the recent sale of Suave in North America, we are making fundamentally strategic shifts to shape our portfolio and will continue to evolve to achieve our long-term ambitions of dramatically step-changing our growth rate. The decisions won’t always be easy, but we should trust that all changes come back to our focus on delivering high growth across our four key pillars.