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| Babor issues strategy update as CEO Michael Schummert announces resignation |
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| By Megan Whitby 27 Aug 2021 |
Michael Schummert (L) and Isabel Bonacker (R)
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The Germany-based skincare company Babor Beauty Group has outlined its new strategic course and announced its long-time CEO Michael Schummert will step down at the end of 2021.
As of 2022, Schummert will assume the title of president premium private label and support Babor Beauty Group as an independent and external entrepreneur focusing on expanding the brand’s Premium Private Label business into a global player.
The Premium Private Label division develops exclusive skincare for dermatologists, influencers or celebrities. Schummert's focus will be the acquisition and development of these demanding customers.
Schummert’s successor is yet to be decided.
Babor Beauty Group co-owner Isabel Bonacker commented: "We’re pleased about this solution and the long-term positive perspectives and impulses for the sustainable dynamic growth of the group.
“We’ve outperformed in the global cosmetics market for years – partly due to our diversification. We see great potential in the Premium Private Label business and are so pleased that Michael will become a driving force in this area.
“We’d like to thank him for his many years of excellent work and are looking forward to continued success in this new set-up."
According to Babor Beauty Group, the new management set-up will reflect the dynamic development of the group and is the basis for further double-digit growth in the years to come.
Schummert added: "I’m very proud to be able to hand over the brand to my successor in excellent shape. After 14 wonderful and very successful years, I’m looking forward to a new entrepreneurial chapter in my career and to developing Babor’s Premium Private Label business”.
The company is implementing a flexible infrastructure to provide the Premium Private Label business unit with the necessary strength to accelerate international expansion.
In addition, the group has also recently announced plans to expand its operation with a second production and logistics site. The new location is being built 20km from its headquarters in Aachen, Germany.
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