UK-based online beauty retailer Cult Beauty has named Carmen Busquets to the Board as non-executive chairperson.
Busquets is co-founder of online fashion retailer Net-a-Porter and its largest individual private shareholder. She first invested in Cult Beauty in 2012 and has stakes in other businesses including Lyst, Farfetch, Maison De Mode and Moda Operandi, among others.
Cult Beauty’s international business has increased over the past few years with over half of its 2019 revenue generated outside the UK. The company says that the COVID-19 pandemic had a positive impact on the business, with the shift to e-commerce resulting in a 134% increase in new customers from April to July 2020.
Busquets comments that this is the first time she has taken on such a position in a company in which she is not a majority stakeholder.
Cult Beauty was founded in 2008 by Alexia Inge and Jessica DeLuca and retails skincare, make-up, haircare and wellbeing products from indie brands like The Ordinary and Charlotte Mensah, to global players like Huda Beauty, Charlotte Tilbury and Drunk Elephant.