In the few years since Vanessa Goddevrind joined 111SKIN, the luxury skin care brand has successfully expanded its presence in a competitive market. Now, as CEO, she discusses the strategies driving growth, her commitment to consumer education, and how a blend of science and sensory experience sets the brand apart.
By Kate Sullivan, taken from CEW US
Vanessa Goddevrind’s career took her from modeling gigs to consulting for McKinsey to heading up luxury skin care brand 111SKIN. (The British company, cofounded by plastic surgeon Dr. Yannis Alexandrides, is named for his office’s prestigious 111 Harley St. address.) While Goodevrind entered the beauty space almost accidentally, her love of beauty, which she sees as a form of “self-care and self-respect,” is long established. The new CEO credits her diverse upbringing — she grew up in different parts of Europe, has roots in America, and was influenced by her Korean heritage — with her appreciation for skin care, especially. The price point for 111SKIN products is high, and so is Goddevrind’s commitment to consumer education. We asked her about her own beauty enlightenment and how to succeed in a crowded luxe market.
CEW: How did you end up in the beauty industry?
Vanessa Goddevrind: I have always loved beauty, but I didn’t see it as an industry that was available to me early on in my career, beyond the modeling that I was doing on the side. It’s not until I started working at McKinsey that I was exposed to a few different beauty companies and had this meeting of passion and business.You know, I was very practical. I put myself through business school, and McKinsey was one of the very few companies that retrospectively would give you a full scholarship. McKinsey was an opportunity for me to understand about different ways of working, different industries, different countries. It was a great learning ground.
CEW: What did you learn about beauty brands at McKinsey?
VG: McKinsey has very strict rules about confidentiality, so I can’t talk about specific names, but I worked with mainly privately-owned beauty brands, where we had private equity investors who were backing them. My work gave me a really unique view on the overall beauty ecosystem, both from the actual company — the brand — but then also how investors were looking at the space and also how different players across the whole ecosystem were looking at the changing landscape across the different companies. This was right at the time where we were getting an influx of challenger brands going into the market, so it was a fascinating time to partner with some of those companies.
CEW: You became CEO of 111SKIN a few months ago after serving as COO for some time. What’s changed about your role?
VG: It was an amazing title change. All my responsibilities have been the same — and the challenges are still pretty much the same. Since I joined the brand, about three years ago, the focus has really been all about building the company’s brand awareness in our key markets, whilst making sure that we are very thoughtful about how we do that, that we grow sustainably. And that’s like number one, right? How do you essentially grow brand awareness while making sure that you’re not overspending? And then secondly, [we must find] the right balance between going after growth whilst making the right long-term strategic decisions.
CEW: What advice would you give to another new CEO?
VG: I think as an incoming CEO, one of the most important things is that you really want to keep an outsider’s perspective when you’re new in your role, even if you’re promoted from within. Coming in with fresh eyes really lets you question the status quo and find small areas for improvement or change. Once you have created a perspective on the business and where you want to take it, making bold moves early is essential. Because those actions will then carry through; those will take some time to execute. So, I think it’s important to know where you’re going and to make strategic choices fast. As part of that, you, of course, need to listen very carefully to your team, your broader employee base, customers, the stakeholders, etc. Because, of course, to make the right moves early, you need to have a really good sense of where the business currently stands, where the biggest opportunities are and where the pain points are.
CEW: How would you describe your leadership style?
VG: I would describe my leadership style as being all about supporting the team with a very strong focus on results. I put a lot of emphasis on creating an environment that is very inclusive, where everybody feels heard and empowered. This is something that was particularly important for our founders, and that’s also one of the reasons I was attracted to the business, because I saw myself in their approach. At the same time, what I learned at McKinsey is to be very impact- and results-driven. So, every team member has very clear priorities and is measured on their deliverables. We keep a close eye on these so that we can stay agile and adjust as we see changes in our performance and how the market is behaving.
CEW: For a Western brand, 111SKIN was early to the sheet mask game. I heard your co-founder Eva Alexandridis on a podcast, and she said that she feels the brand really brought the masking technology of Korea to the Western world. Would you agree?
VG: I guess you could call masking our calling card, for the time being. Interestingly, it is not the majority of our business, but it is a great marketing tool because it’s very photogenic and influencer accessible. And yes, I agree with Eva, wholeheartedly. She and Dr. Yannis brought that technology, first to the U.K. and then to North America. And at the time, whilst there were, of course, a couple of sheet masks, they definitely were not as popular as they are now. And what we saw is that after our launches, there would be a flurry of copycats.
CEW: What are the keys to success in a crowded luxury skin care space?
VG: I would say that the key elements are number one, having a really unique value proposition. So, for us, it means being a global luxury skin care brand that is led by a practicing plastic surgeon. That brings unparalleled expertise and credibility to our brand. The insights and the feedback that Dr. Yannis gets from working with patients and from learning from the broader medical industry is fantastic, and it really gives us a direct line to new ideas customers need. And overall, you know, your products need to be exceptional. The market, as you said, is incredibly competitive.
CEW: The price point for 111SKIN is high — what makes it worth it?
VG: The product is just excellent. Each of our formulas is scientifically backed; they actually deliver real results. To that end, we do invest in rigorous clinical testing to guarantee that they work and deliver the best results for customers. Our ingredients are very high quality. And then I would also say that part of the magic with 111SKIN is our products are not only highly efficacious, but they’re also deeply sensorial. And that is where Eva, our co-founder, comes in; she has created products that she as a consumer would really love to use, ones which feel nice to the skin and have beautiful packaging.
CEW: High-end skin care consumers tend to want to know what they’re spending so much money on, and perhaps accordingly, you have5 min informational videos on ingredients and other information on your clinical trials on your website. How important is educating the consumer to you?
VG: Educating the customer is paramount. For us, it’s really mission critical. And I would say that probably the biggest change we made in the way that we approach our marketing over the last few years is being really transparent about the results that we were getting from clinical tests. We show customers very clear before-and-afters and so on. We want to really help customers, both visually and also intellectually, understand the benefits of the products. Dr. Yannis has more of a microphone to talk about how he thinks, why he has picked these specific ingredients, and ultimately, why they work.
