Unilever’s Vasiliki Petrou on Identifying Opportunities at Scale

At Unilever Prestige, which is celebrating its 10th anniversary, there’s opportunity everywhere.

The division’s chief executive officer Vasiliki Petrou sat down with WWD’s European editor, beauty, Jennifer Weil to discuss identifying opportunities at scale and the model for success by partnering with like-minded brands and founders.

In terms of reaching the 10-year mark, Petrou took a phrase from her industry colleague Séan Harrington, cofounder and CEO of Elemis, calling the early days of building the prestige division as “mission impossible.” 

“I always say that the universe conspires with the people that have the crazy dreams and in a way creates possibilities that do not look possible with a logical mind,” she said. 

However impossible it may have seemed at the time, Unilever Prestige has clearly found its footing, snatching up buzzy brands like biotech hair care concern K18. For Petrou, these success stories come down to one factor.

“Our business model is around authenticity. How do we interact with consumers in the most authentic and transparent way?,” she said. “That is the driving force of everything we do.”

For the company, authenticity, which is the key to identifying brands that will pass the test of time, comes in several forms: partnering with passionate founders, having difficult conversations early on and tapping brands that are truly innovating within their category.

When it comes to founders, Petrou is looking for those who have what she calls “the owner’s mindset,” who treat the company like their baby. It’s also an outlook she strives for across the company.

“This concept of caring is important,” she said. “To me, it’s caring for the business, for the people, our employees. I feel so responsible for making the dreams of the founders real.”

Because Unilever Prestige is seeking out such passionate and hands-on founders, the pre-acquisition period is essential for agreeing on the brand’s future strategy.

“It’s like a marriage,” Petrou said. “You need to share the same values… I want to have all the tough conversations upfront so that it’s a happy marriage.” 

Finally, the company is of course looking at what’s truly innovative in the market.

“In terms of macro forces, it’s very much looking at the convergence of technology, wellness, health care, beauty [and] what does it all mean,” Petrou said. “It’s in the convergence of these spaces that the most disruptive innovation ideas come from.”

As the division celebrates its 10th anniversary, Petrou said there is more to look forward to. She pointed to key areas for opportunity, including biotech, longevity and new, innovative ways of doing fragrance. 

“The best is yet to come. There is a lot of potential,” she said, adding that their retail partners see similar opportunites for growth. “I believe we’re just scratching the surface, so lots of possibilities ahead.”