Gunta Šulte to Lead MADARA Cosmetics' Expansion into European Markets

  • 2023-05-18

MADARA Cosmetics, a leading cosmetics manufacturer based in Northern Europe, has announced the appointment of Gunta Šulte as its new CEO, fortifying the company's management team. This strategic move aims to facilitate the expansion of MÁDARA's exports across Europe, with a specific focus on key markets such as France, Germany, and the Scandinavian countries. Uldis Iltners, a Member of the Board of MADARA Cosmetics, emphasized the company's commitment to broadening its presence in these regions.

Effective from May 22nd, Gunta Šulte, a seasoned business manager with two decades of expertise, will assume the role of CEO. Šulte has played a vital role in the Scandinavian and Baltic management team of a global company over the past three years, overseeing a business worth over EUR 300 million.

Uldis Iltners, co-founder and current CEO of MADARA Cosmetics, will continue as a member of the Board, gradually transitioning his day-to-day management responsibilities to the new CEO. This transition will enable Iltners to focus on the company's development strategy and the exploration of new business ventures.
U. Iltners affirmed, "MADARA Cosmetics' vision and trajectory remain unchanged. Lotte and I will continue to serve on the board, maintaining our roles in managing the company, devising long-term strategies, and setting new objectives. However, with the addition of Gunta, we are bolstering our capabilities to achieve our goals."

Lotte Tisenkopfa-Iltnere, Chairwoman of the MADARA Cosmetics Board, warmly welcomed the appointment of the new CEO, stating, "Gunta embodies our values of passion, excellence, humanity, and a sustainable approach. Her extensive management experience in a large global company, coupled with her exceptional leadership skills and values-driven business philosophy, make her a valuable addition to the MADARA team. Together, we are determined to establish MÁDARA as the leading natural cosmetics brand in our targeted export markets through product excellence and adherence to our brand values."

Expressing her enthusiasm, Gunta Šulte remarked, "MADARA Cosmetics is a remarkable Latvian success story, and I am delighted and proud to join the MADARA team. It is every CEO's dream to be part of such a high-quality company that boasts excellent financial health. Lotte and Uldis have done a phenomenal job creating a superior product and building a strong team. My role will be evolutionary rather than revolutionary. MADARA is a company with tremendous growth potential, and as a management team, we will collectively work in that direction."

With close to two decades of experience in management positions, G. Šulte brings invaluable expertise to her new role. She began her career in marketing at agencies like McCann Riga and OMD Latvia, working with various international clients before joining Danone in 2012. Since 2018, G. Šulte has successfully managed Danone's Baltic business and has been a member of the Scandinavian regional management team. She holds a Bachelor's degree in Economics and Business Administration from the Stockholm School of Economics in Riga and a Master's degree in Fashion and Design Management from a leading European university in Milan.

Reflecting on her experience, G. Šulte stated, "My experience in a complex and dynamic international environment has equipped me with world-class expertise. I believe this experience is why Lotte and Uldis selected me to give MADARA Cosmetics an extra boost. With my international company management experience, I am ready to apply my knowledge, lead the business, and ignite MÁDARA in its next phase of growth."

Sari Hannele Rosin, CEO of Oy Transmeri Ab (Transmeri), a Finnish company and a Member of MADARA Cosmetics' Supervisory Board, expressed confidence in the new CEO, stating, "Uldis and Lotte have made remarkable contributions to the company's development. We have full confidence that they will continue to provide unwavering support to Gunta from the Board."

Commenting on the management team changes, S. Rosin added, "We anticipate that MADARA Cosmetics will sustain profitable growth through the strong development of the MÁDARA brand, a dedicated and high-performing team, and effective collaboration with partners across all business areas. Gunta will bring her valuable expertise in international brand building and commercial development."

Uldis Iltners provided insights into the company's success in export markets, stating, "We are poised to realize our company's growth potential in Scandinavia and France, where MÁDARA products have gained significant popularity. We are particularly delighted with our progress in France, renowned as the birthplace of cosmetics. MADARA Cosmetics' makeup products are the top-selling items in our portfolio. Market expansion in France has been highly successful, as evidenced by the recent launch of our products in nine new stores in April."

As previously reported, MADARA Cosmetics achieved a consolidated unaudited turnover of EUR 5.29 million in the first quarter of 2023, representing a 10% increase compared to the same period in 2022. This marks the highest first-quarter turnover ever recorded by the company, according to a statement provided to Nasdaq Riga.

Founded in 2006, MADARA Cosmetics has emerged as a leading cosmetics manufacturer in Northern Europe and a market leader in Latvia. The company's brand, MÁDARA, is recognized as a pioneer in the natural skincare and makeup segment in Latvia. In early 2017, MADARA Cosmetics transformed from a limited liability company into a joint-stock company, and since November 2017, the company's shares have been listed on the Nasdaq Baltic alternative market First North.

With the appointment of Gunta Šulte as CEO, MADARA Cosmetics aims to leverage her extensive experience and leadership skills to drive the company's expansion across European markets, focusing on France, Germany, and the Scandinavian countries. The management team, including co-founders Uldis Iltners and Lotte Tisenkopfa-Iltnere, remains committed to realizing the company's vision and growth potential while maintaining a strong emphasis on product excellence and sustainability.