Contestant from the final round of the Apprentice secures £20 million in compensation after purchasing Lord Sugar's stake in the business
Tropic Skincare Thrives Amidst Challenges, Boosting Profits and Charitable Giving
In the face of the ongoing pandemic, Tropic Skincare, the online beauty brand, has managed to perform exceptionally well in 2024. The company's pre-tax profit surged by over 30% to £8.7 million, with sales reaching an impressive £68 million.
Founded by Susie Ma, a former contestant on The Apprentice in 2011, Tropic Skincare has come a long way since its inception in 2004 when she was just 15 years old. Ma, who studied economics at UCL, purchased full control of her business from Lord Alan Sugar in 2023, marking a significant milestone in her entrepreneurial journey.
Lord Sugar, who invested £200,000 in Tropic Skincare in 2011 despite Ma coming third in The Apprentice, will receive a multi-million pound pay-out as part of the deal. This pay-out provides a significant return on his initial investment. The additional multi-million euro payments from the sale of Tropic Skincare go to Ma, the co-founder and significant shareholder of the company.
Tropic Skincare operates primarily online and through approximately 20,000 part-time 'ambassadors'. These ambassadors purchase a starter kit of products for £198 with no ongoing fees. They also earn commissions on their sales, with the commission rate ranging from 25% to 35%.
The deal between Ma and Lord Sugar was finalized in 2023, with Lord Sugar resigning as a director of Tropic Skincare around the same time. In 2024, Tropic Skincare conducted a cost saving review, leading to improvements in gross margins.
Ma's wealth has grown significantly since the sale of Tropic Skincare. She is now believed to be worth around £73million. In addition to her personal financial gains, Tropic Skincare has also been generous in its charitable donations. The company donated £615,000 in 2024, up from £444,674 in the previous year.
However, the average number of people employed by Tropic Skincare fell from 316 to 286 in 2024. This decline in employment is likely due to the company's focus on cost savings and efficiency. There are no new facts about any cost reduction initiatives or efficiency improvements across the business.
Despite these changes, Tropic Skincare continues to thrive and make a positive impact, both financially and socially. The company's success is a testament to Ma's vision and the hard work of her team.
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