Carmen is an entrepreneur, investor and humanitarian with over 30 years’ experience in the luxury fashion industry. Well known for her role as co-Founder and as the largest individual private shareholder in Net-a-Porter, as well as being an early champion of the fashion-tech space, her mission is to contribute to a future of innovative technology and sustainability. Carmen’s current portfolio of investments includes Cult Beauty – in which she first invested in 2012 – The Business of Fashion, Lyst, Farfecth, Maison De Mode, Moda Operandi, Tagwalk, Flowerbx, Sana Jardin and Dr Jackson’s amongst others. Carmen is also a mentor to several founders of progressive companies, including online beauty start-up Yutybazar, whose values align with her principles and vision. As a passionate advocate of ethical fashion and natural beauty products, Carmen is an Agent of Change for Fashion4Development and in September 2019 she was named the Goodwill Ambassador for Beauty4Development, which supports the development of new technologies, processes and natural ingredients that align with the UNSDGs for health, environment and women’s empowerment.
Cult Beauty is focused on providing an expert-curated inventory of skincare, makeup, haircare and wellbeing products; cutting through the overwhelming abundance of choice in the market to recommend its customers the very best products only. Having delivered a strong increase in sales for a number of years, it has established itself as a reliably high growth business. The Company’s aim is to achieve long term, sustainable, profitable growth, to nurture long term relationships with their community of customers and ultimately to become the world’s most trusted beauty retailer.
Carmen joins the business at a time when it has seen its international presence continuing to increase, with over half of its FY2019 revenue generated outside the UK. Covid-19 has also had a clear positive impact on the business, with the accelerated adoption of online retail propelling an 134% increase in new customers from April to July 2020.
Carmen Busquets commented: “This is the first time I have accepted such an important role in a company in which I am not a majority stakeholder and it is a position that comes with huge responsibility. I was motivated to do so because I admire and believe in Alexia Inge, Jessica DeLuca and Murray Salmon, whose unparalleled experience and love for what they have created – including the wonderful team they have built – is irreplaceable. I have not come across an e-com business which has been able to replicate Net-a-Porter’s success with such efficiency, economic discipline and team spirit as Cult Beauty has. From the very start they have implemented a sustainable business model, focused on becoming profitable, and their financial results are outstanding considering they have achieved this with a total investment of £1.75 million.”
Alexia Inge, co-Founder and co-CEO of Cult Beauty, commented: “Carmen has built a reputation in the beauty and fashion industry as a true leader and innovator, supporting great ideas at all stages of growth. The fact that she has seen her own ideals mirrored in the mission and ethos of Cult Beauty to such an extent as to join us as Chairperson gives us a great boost. Her reputation, network and experience are unmatched in the luxury space and we look forward to working together to take Cult Beauty to the next stage of its growth story.”
About Cult Beauty
Cult Beauty, founded in June 2008, by Alexia Inge and Jessica DeLuca is a London-based, leading e-commerce retailer focused on expert-curated inventory for skincare, makeup, haircare and wellbeing products. Known as the destination for beauty discovery, the etailer stocks the hottest cult products from all over the world from emerging Indie brands such as Milk Makeup, The Ordinary and Charlotte Mensah to the must-have Global Players such as Huda Beauty, Charlotte Tilbury and Drunk Elephant.
The Company is proud of its content-first strategy which has helped to build one of the largest beauty retailer communities in the world, including 1.4m Instagram followers. By its peers and key opinion leaders, Cult Beauty is known as a clear disruptor within the beauty industry.
In December 2019, Cult Beauty was ranked No. 28 in the ‘Sunday Times Virgin Fast Track 100’ and in February 2020 ranked No. 35 in the ‘Sunday Times HSBC International Track 200’.