Nutrafol, the Unilever-owned hair growth supplement brand, has named Cindy Gustafson chief executive effective Jan. 1, the company announced on Wednesday. Gustafson will replace co-founder Giorgos Tsetis, who will enter the newly-established role of Chairman.
“It’s obviously a bittersweet moment for me,” Tsetis told The Business of Beauty. The co-founder will continue to advise on Nutrafol, as well as Unilever’s wider Wellbeing portfolio, which includes brands like Liquid IV.
In her new CEO role, Gustafson, Nutrafol’s current chief marketing officer, will help the supplement brand scale its reach and strengthen its core pillars, including offerings for postpartum care and men’s health. The company will also build out category extensions including skin supplements and more personalised products.
The company was founded in 2016, and was acquired by Unilever in 2022 for an estimated $1.2 billion — a figure Tsetis called “conservative” but declined to specify.
Since then, the company has tripled its turnover, launched in US specialty retailer Sephora and begun selling in China through cross-border commerce.
“Typically post-acquisition, things don’t go well, right?” Tsetis said. “That’s been the opposite for us.” Tsetis added that the brand has maintained high customer retention: 91 percent of its customers continue to purchase after six months, and over one million are currently subscribed to a Nutrafol regimen.
Co-founded by Tsetis and Roland Peralta in 2016, Nutrafol was initially available direct-to-consumer and through dermatologist offices.
Shortly after launching, the brand received minority investments from LVMH-backed private equity firm L Catterton and Unilever’s corporate venture capital arm.
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Editor’s Note: This article was amended on Dec. 4. 2024 to clarify Giorgos Tsetis’ strategic advisory role with Unilever.
