Susie Ma, the former Apprentice finalist who went on to build one of Britain’s biggest independent beauty brands, has rewarded herself with a £20 million payday after a stellar year for her Tropic Skincare business.
The 36-year-old entrepreneur, who bought back Lord Sugar’s 50 per cent stake in 2023, paid herself dividends totalling £18.2 million in 2024, with a further £2 million distributed in April this year.
The bumper payout followed a strong trading performance at Tropic, where pre-tax profits rose by more than 30 per cent to £8.7 million in 2024. Revenues also increased to £68 million from £62.3 million a year earlier, according to newly filed accounts.
Ma’s buyout of Lord Sugar marked one of the most successful outcomes from the BBC TV show. Sugar had initially invested £200,000 for half of the business after Ma appeared as a contestant in 2011. In April 2023, she struck a multimillion-pound deal to regain full control of the company, paying back the billionaire in stages. He resigned as a director shortly after the deal and later collected an £11 million dividend before fully exiting.
The move has allowed Ma to put her own stamp on Tropic’s future. “A cost saving review” improved gross margins last year, while inventories were cut by £1.2 million to £7.4 million. She also strengthened her senior management team to prepare for further expansion in 2025.
Founded in 2004 when Ma was just 15, Tropic began as a stall at Greenwich Market in London selling homemade body scrubs. Two decades on, it has grown into a £68 million turnover enterprise making nearly all its creams, lotions and serums in a purpose-built Croydon facility, where products are manufactured fresh daily.
The brand sells directly online and through more than 20,000 self-employed “ambassadors”, who each pay £198 for a starter kit of products. Ambassadors receive a commission of between 25 and 35 per cent on their sales, plus access to training and an online store.
The model has echoes of Avon’s door-to-door sales approach but is pitched firmly at the eco-conscious beauty market.
Tropic has also established itself as one of the UK’s most socially responsible beauty firms. The company pledges to donate 10 per cent of its profits to good causes, and in 2024 gave £615,000 to charities.
This included almost £300,000 for United World Schools, a charity providing education in some of the world’s poorest communities. The partnership has so far supported more than 160 schools overseas.
Ma, who was estimated to be worth £73 million in the 2024 Sunday Times Rich List, has described Tropic’s dual focus on profitability and purpose as central to its long-term success.
With full ownership now back in her hands and profits climbing, industry insiders expect her to push Tropic into new international markets while maintaining its reputation for fresh, sustainable, and ethically driven skincare.
