LONDON, April 4, 2023 /PRNewswire/ -- Twelve years after his initial investment, Lord Alan Sugar, 76, and Susie Ma, 34, have agreed to terms that return Tropic Skincare to a 100% founder-owned company.
Founded in 2004 by acclaimed businesswoman, Susie Ma, Tropic has today announced the buyout of 50% shareholder, Lord Sugar. One of the UK's fastest-growing businesses*, Tropic has received external funding only once in its nineteen-year history with Lord Sugar's investment of £200k in 2011.
"Twelve years after investing in Tropic Skincare, I have agreed with Susie Ma's decision to purchase back my shares and return sole ownership to her," says Lord Sugar. "Susie is a shining example of what it is to be a business owner today. When I first met Susie in 2010, I saw a unique grit and determination and it's a drive she has maintained over the years. The business she has built and led since my investment has been nothing short of remarkable. Following the company's fantastic trajectory over the last few years, it's now the right time to part ways and allow Susie the space to take the company to new heights."
As always, the business will continue operating under Susie Ma's strategic direction as CEO. Ma remains steadfast in continuing to be a force for good, championing the company's Infinite Purpose to help create a healthier, greener, more empowered world and generating company growth, both through its brand Ambassadors and direct- to-consumer.
"I will always be so grateful for the investment Lord Sugar made, and the potential he saw in Tropic Skincare with me at the helm. After founding the company at just fifteen, and spending every day since building it into the success you see today, reclaiming full ownership has always been my ambition. I am beyond excited for the infinite possibilities the future holds, and to continue making a positive impact on the planet with our natural, freshly made formulations and inspiring Ambassadors," says Susie.
The 34-year-old is looking forward to raising brand awareness, with the launch of a new website, refreshed branding and expansion of Tropic's product offering. It will continue putting its Ambassadors' and customers' experience at the forefront, to establish Tropic Skincare as a natural, clinically effective and planet-positive leader within the global beauty industry.
Ma adds: "I am immensely proud of Tropic. From market stall beginnings to a model that empowers 20,000 Ambassadors to run their own beauty businesses, it has been an extraordinary journey so far. I can't wait to continue driving the business forward alongside my outstanding HQ team, working together to reshape the industry with multi-award-winning products that are both ethical and effective."
[BRAND BIO] Tropic began in 2004, when founder and CEO, Susie Ma – inspired by her medicinal chemist and toxicologist grandma's tropical body scrub recipe – sold jam jars of the scrub at Greenwich Market to help her mum pay the bills. Now, the company is a multi-award-winning business with millions of customers, and has been recognised six-years in a row as one of The Sunday Times Hundred fastest-growing private companies. It sells over 400 products, employs over 300 people directly and empowers over 20,000 as brand Ambassadors who run their own businesses selling the products on commission. Despite this growth, Tropic's principles have never changed: it still uses the finest tropical ingredients for real results; freshly makes 98% of its products in-house at its Surrey HQ; and aims to be a force for good beyond beauty, with 10% of profits donated to charities and good causes across the globe.
*The Sunday Times Hundred 2022 – Britain's Fastest-Growing Private Companies