Nutrafol, the hair growth supplement brand owned by Unilever, has announced the appointment of Cindy Gustafson as its new Chief Executive Officer, effective January 1. Gustafson, who currently serves as the company’s Chief Marketing Officer, will succeed Nutrafol’s co-founder, Giorgos Tsetis. Tsetis, who co-founded the company in 2016, will transition to a newly created position as Chairman, where he will continue to play a key advisory role within Nutrafol and Unilever’s broader Wellbeing portfolio, which includes brands such as Liquid IV.
“It’s a bittersweet moment for me,” Tsetis shared with The Business of Beauty. Despite stepping down from the CEO position, Tsetis will remain closely involved with Nutrafol and Unilever, helping guide strategic decisions moving forward.
In her new role, Gustafson is tasked with expanding Nutrafol’s market presence and strengthening the company’s core product offerings, which include supplements for postpartum care and men’s health. Under her leadership, Nutrafol plans to expand into new product categories, including skin supplements and more personalized health solutions.
Founded in 2016, Nutrafol was acquired by Unilever in 2022 for an estimated $1.2 billion—a valuation Tsetis has described as “conservative,” though he declined to provide further specifics. Since the acquisition, Nutrafol has seen significant growth, tripling its revenue, entering the US retail market through Sephora, and expanding its reach into China through cross-border commerce.
“Typically, things don’t go well post-acquisition,” Tsetis remarked. “But for us, the opposite has been true.” He noted that Nutrafol has experienced exceptional customer retention, with 91 percent of its customers continuing to purchase products after six months. The brand currently has over one million subscribers to its supplement regimen.
Nutrafol was initially launched as a direct-to-consumer brand and through dermatologist offices. Following its launch, the company attracted minority investments from LVMH-backed private equity firm L Catterton and Unilever’s corporate venture capital arm, setting the stage for its rapid expansion in the health and wellness sector.
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