He’s only been in the hotseat for just over two years but Unilever’s CEO is already on the way out. Tuesday saw the consumer products multinational announcing that Fernando Fernandez will succeed Hein Schumacher as of this weekend. Schumacher will finally leave by the end of May “by mutual agreement”.
Hourglass
The company said its board “is committed to further accelerating [its] Growth Action Plan and building Unilever into [a] global industry leader”. It also reaffirmed its 2025 outlook and medium-term guidance.
So what about his replacement? Fernando Fernandez is currently Unilever CFO and executive director and takes over as of 1 March at a fixed salary of €1.8 million before any bonus and performance awards.
Prior to becoming CFO in January 2024, he “had a successful tenure as president of Beauty & Wellbeing, one of Unilever’s fastest-growing businesses. In previous roles as president Latin America, CEO Brazil and CEO Philippines he led some of the company’s best-performing markets, delivering strong financial results while developing exceptional talent”.
And that statement underlines the possible problem with Schumacher — the company just wasn’t growing fast enough. Like his predecessor Alan Jope, he was expected to put some much-needed zip into the conglomerate’s performance. But while he put some major initiatives in place, he clearly didn’t do enough to satisfy the board (or some big shareholders) of the company that owns a giant beauty business with brands such as Dove and Hourglass.
But Unilever chairman Ian Meakins said: “On behalf of the board, I would like to thank Hein for resetting Unilever’s strategy, for the focus and discipline he has brought to the company and for the solid financial progress delivered during 2024. Hein introduced and led a significant productivity programme and the commencement of the Ice Cream separation, both of which are fully on track. The Growth Action Plan (GAP) has put Unilever on a path to higher performance and the board is committed to accelerating its execution. We are grateful for Hein’s leadership, and we wish him the very best for the future.”
Speaking of the new CEO, Meakins added: “The board has been impressed with Fernando’s decisive and results-oriented approach and his ability to drive change at speed. He partnered in the development of the GAP and in driving the productivity programme. He has a strong track record of performance and portfolio management, a love of brands and a profound knowledge of Unilever’s operations.
“While the board is pleased with Unilever’s performance in 2024, there is much further to go to deliver best-in-class results. Having worked with Fernando closely over the last14months, the board is very confident in his ability to lead a high-performing management team, realise the benefits of the GAP with urgency, and deliver the shareholder value that the company’s potential demands.”
Schumacher meanwhile said he’s proud of what’s been achieved so far and Fernandez said his focus “will be on building a future-fit portfolio with an attractive growth footprint and delivering unmatched functional and perceivable superiority across our top 30 power brands. I have full confidence in our team’s ability to propel Unilever to a global industry-leading position and create substantial value for our shareholders”.
As for his previous role, we’re told that a “thorough internal and external search process is being initiated to appoint a permanent CFO”. From 1 March 2025, Srinivas Phatak, currently Unilever’s deputy CFO and group controller, will become acting CFO.
Srinivas has served in global and local senior finance, strategy and supply chain roles including a successful term as CFO of Hindustan Unilever Limited. Srinivas’s “leadership qualities and his broad experience will enable him to partner Fernando in successfully executing Unilever’s strategy,” the company said.
Walpole, the industry body for the British luxury sector, has announced the 2025 selection for its Brands of Tomorrow, “a unique mentoring programme” that takes 12 early-stage brands through a year-long programme of workshops and guidance to “help develop their business skills and set them on a path to growth”.
Now in its 18th year, the body’s flagship development programme aims to pass on skills, experience and practical knowledge “to ensure the continued dynamism and prosperity of the sector”.
So which brands gained are on the 2025 list? This year there are a lot of names relevant to the fashion and beauty sectors.
They include E.L.V. Denim, the brand focused on “handcrafting timeless fashion pieces from 100% upcycled materials”. It “breathes a second life into garments that could otherwise be destined for landfill” in order to “transform loss into luxury, protect the environment for future generations and prove that an upcycling business model can be a success”. It was founded by fashion stylist Anna Foster in 2018.
Knitwear gets a place on the list via Genevieve Sweeney who we’re told is “rewriting the story of British knitwear, threading together the importance of tradition and vibrant innovation. Since its launch in 2015, the brand has embraced a commitment to craftsmanship and sustainability, creating investment pieces designed in Hertfordshire and made across the UK with small family-run mills”.
Then there’s Curate Your Style, an international personal styling company based in London’s Mayfair. It’s dedicated to “transforming the shopping and dressing experience”, and offers “wardrobe solutions tailored to each client’s unique colouring, body shape, and lifestyle”.
Meanwhile Original Fibres, launched in 2018 by Callum McCall and George Rutherford-Jones, is a “fabric-first menswear brand born to meet the growing demand for higher-quality, lower-impact clothing”. Founded as an all-seasons linen label, it now also uses wool and via different weights and weaves of luxury-grade natural fabrics it wants “to change perceptions around how and where they can be worn”.
Original Fribres
Smock London is an artisan fashion brand on a mission to modernise the art of smocking for the 21st century. Founded by Laura Burch and Kajsa McLaren, the brand reinvents smocking as “handmade works of art that leap off the dress in a Technicolor twirl of hand-stitched joy”.
As for jewellery, MJ Jones is includes as “a British luxury brand on a mission to become a future leader in fine jewellery design, innovation, and craftsmanship” And Cece Jewellery is a modern British brand “reshaping the art of enamel through exceptional craftsmanship and captivating storytelling”. It was founded by designer Cece Fein-Hughes.
And in skincare, beauty industry veteran Teresa Tarmey “is one of the world’s most sought-after skincare and laser experts”, dubbed the ‘Super Facialist’ by Vogue.
Walpole said its programme “creates mutually beneficial relationships between established and up-and-coming luxury businesses and individuals, which not only ensures a pipeline of new British brands but keeps driving the innovation and entrepreneurship at the heart of a sector that is growing 11% annually.
“Each new cohort of Brands of Tomorrow serves as a reflection of evolving consumer trends in the high-end market, highlighting emerging expectations and behaviours”.
This year, alongside a continued commitment to sustainability, “many in the group are championing heritage craftsmanship. By preserving traditional skills and passing them down to the next generation of artisans and suppliers, these brands are not only honouring their craft but also ensuring its future in the luxury industry”.
This year’s mentors include, Annalise Fard, senior director Beauty, Fine Jewellery, Watches and Home, Harrods; Sue Fox, former president of Estée Lauder UK & Ireland; Justin Stead, entrepreneur and investor; and Michael Ward, MD, Harrods, among others.
Four European and American fragrance makers must face lawsuits accusing them of conspiring to inflate prices of ingredients used to make cosmetics, cleaners and other household products, a federal judge in New Jersey has ruled.
Aymeris
U.S. District Judge William Martini on Friday rejected efforts by the companies — Switzerland-based Givaudan and Firmenich, which has merged with DSM Group; U.S.-based International Flavors & Fragrances and Germany’s Symrise — to dismiss three proposed class action lawsuits filed in 2023 by consumers and other buyers.
The lawsuits, alleging an illegal price-fixing conspiracy, came after EU investigators in 2023 announced an antitrust investigation of some major fragrance makers.
The judge dismissed some state-based allegations but will allow those plaintiffs to file an amended lawsuit within 30 days.
Givaudan, Symrise and International Flavors & Fragrances did not immediately respond to requests for comment. DSM-Firmenich in a statement on Monday said it was cooperating with previously disclosed investigations by U.S. and European competition authorities. The companies have denied wrongdoing.
Attorneys for buyers did not immediately respond to similar requests.
Martini is presiding over cases filed by consumers, companies that purchased products directly from the defendants, and “indirect” buyers that purchased fragrance ingredients and compounds from sellers other than the defendants.
Sales of fragrance ingredients reached $9.1 billion in 2022, according to the plaintiffs, who alleged that the fragrance market was highly concentrated and “more susceptible to collusion and other anticompetitive practices.”
The fragrance companies in seeking dismissal of the lawsuits argued that the plaintiffs failed to offer adequate evidence of a conspiracy to fix prices.
“The ambition of plaintiffs’ claims stands in sharp contrast to the paucity of their factual allegations,” the companies told the judge.
They said the lawsuits were “based on nothing more than reports of government inquiries into the fragrance industry.”
European antitrust investigators said in June 2024 that their fragrance industry probe was ongoing.
The cases are In re: Fragrance Direct Purchaser Antitrust Litigation, U.S. District Court for the District of New Jersey, No. 2:23-cv-02174-WJM-JSA; In re: Fragrance Indirect Purchaser Antitrust Litigation, No. 2:23-cv-03249-WJM-JSA; and In re: Fragrance End-User Plaintiff Antitrust Litigation, No. 2:23-cv-16127-WJM-JSA.
Puma and Berkshire Hathaway’s Brooks Sports have agreed to settle litigation over claims that Brooks’ running shoes violated Puma’s patent and trademark rights, according to filings in Washington federal court.
Puma and Brooks asked a federal judge in Seattle on Friday to dismiss the cases with prejudice, which means they cannot be refiled. The companies said on Monday that the dispute had been resolved under confidential terms.
Germany-based Puma sued Brooks in 2022, alleging a Brooks ad campaign using “Nitro” to advertise its running shoes violated Puma’s rights in the name, which it uses with competing running shoes. Puma also said in the lawsuit that Brooks’ shoes infringed a design patent covering the foam-molding technology Puma uses in its Nitro shoes.
Brooks denied the allegations and said it used “Nitro” solely to describe its shoes’ nitrogen-infused midsoles.
Puma sued Brooks again in Seattle last June, alleging Brooks’ Hyperion running shoes infringed several other patents. Brooks denied the allegations and called the lawsuit a “baseless action” to “harass Brooks and seek leverage in the parties’ ongoing trademark dispute.”
Brooks separately sued Puma in Virginia federal court last September, seeking an order that its Glycerin running shoes did not infringe Puma patents. Brooks told the court in a filing last Wednesday that they had settled the case in principle.
The Washington cases are Puma SE v. Brooks Sports Inc, U.S. District Court for the Western District of Washington, Nos. 2:23-cv-00116 and 2:24-cv-00940.
For Puma: Johanna Wilbert, Michael Piery, Matthew Holohan and Kent Dallow of Quarles & Brady For Brooks: Geoffrey Potter, Aron Fischer, Lachlan Campbell-Verduyn and Jay Cho of Patterson Belknap Webb & Tyler