Adore CEO steps down as revenues go up

Australian online retail platform Adore Beauty (ASX: ABY) has announced that its chief executive officer is stepping down at the same time that the company’s quarterly business update showed a revenue boost of nearly nine percent compared to the same time last year.

Ms Morton joined Adore in January last year, on the back of twenty years of leadership and management roles at Best Friends Pets and My Pet Warehouse, Australian Pharmaceutical Industries’ Priceline & Priceline Pharmacy (API), Kathmandu and Spotlight Retail Group.

A statement from Adore confirmed that she would be stepping down for personal reasons, and would exit the role in September, and then continue to offer consulting support to the company.

In its business update for the third quarter of the 2024 financial year, Adore revealed a jump of 8.9 percent in revenue compared to the prior corresponding period (PCP), taking the current figure to $45 million.

The number of returning customers was also up by 6.4 percent on the PCP, at 514,000 people, while the number of active customers rose slightly by 2.4 percent, to 811,000 people.

Chair of the Adore board Marina Go thanked Ms Morton for her contribution to the company’s leadership team.

“As CEO, Tamalin has done an excellent job delivering Adore Beauty’s financial and operational successes and developing the strategic plan,” she said.

“Under Tamalin’s leadership, the Company has returned to growth and continues to build solid trading momentum.

“There has also been significant progression of the strategy, including increasing brand awareness, launching a subscription service, developing our retail media proposition and mobile app growth.”

Shopping using the mobile app now accounts for 28 percent of total revenue, up from 23 percent this time last year.

Adore Beauty was trading at $1.12 at 14:07 AEST, having fallen by 1.75 percent since market open.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.