JP Morgan lists Beauty Pie and Tropic Skincare as top women-led UK businesses

18 Sep 2024 --- In its annual report, JP Morgan Private Bank names Beauty Pie and Tropic Skincare among the fastest-growing UK businesses run by women. The report analyzed 14,555 women-led companies in the UK and ranked the top 200 based on growth in sales and headcount. 

The companies were identified as high-growth, which includes securing equity investment or receiving grant funding. 

The bank found that investment in “women-powered” businesses tripled over the past decade. “Woman-powered” covers companies that are founded or led by women and have a management team made up of at least 50% women or are majority-owned by women.

“This surge in female entrepreneurship has transformed the UK’s scale-up scene. By increasing both the number and proportion of women-owned enterprises, we’re also taking a crucial step toward improved gender parity,” says Maya Prabhu, managing director at JP Morgan Private Bank.

Claiming top spots

The private bank’s analysis showed that the proportion of fast-growing firms powered by women grew to nearly 30% in 2024 from about 18% in 2021. These “woman-powered” companies secured more than £4 billion (US$5.28 billion) in private investment in 2024, up from £781 million (US$1.031 million) a decade earlier.

Former Apprentice contestant Susie Ma is the founder and CEO of Tropic Skincare.Digital bank Starling, founded by Welsh entrepreneur Anne Boden, took the number one spot after doubling sales last year and rapidly expanding staff across the UK.

The skin care and beauty retailer Beauty Pie was named second. It was launched in 2015 by Soap & Glory founder Marcia Kilgore and has since secured £126 million (US$166.66) in equity investment.

The London-based e-commerce company offers beauty consumers a subscription model that gives them access to skin care and makeup products directly from the factories that create them. Its investors include Balderton Capital and General Catalyst Partners, and it boasts a management leadership team comprising over 50% women.

Tropic Skincare was also a top contender on the list. The brand creates vegan and cruelty-free beauty products. Its founder and CEO, Susie Ma, previously secured investment from British business magnate, media personality, author and politician, Lord Alan Sugar.

“I’d like to see more female investors being championed and more women with decision-making power at investment funds,” says Ma.

Tropic Skincare has increased from 106 employees in 2018 to 444 employees in 2021 after sales hit £90.6 million (US$119.70 million). 

By Sabine Waldeck