Actress and entrepreneur Jessica Alba is leaving her baby and beauty brand, The Honest Company, after 12 years at the creative helm. Alba founded The Honest Company in 2012 and took it public in 2021 at a valuation of $1.4 billion. But the company has lost most of its value since then, and its market capitalization currently stands at $337 million.
Alba made the announcement in an Instagram job on Tuesday (April 9). She said she will still be part of the company in an advisory capacity on its board of directors. The CEO of The Honest Company is Carla Vernón, who previously worked as an executive at Amazon and General Mills. She joined The Honest Company in 2023 and is the first Afro-Latina to lead a publicly traded company.
“While it would never have been easy to make this decision, I know we have a leadership team in place with Carla Vernón at the helm to advance our founding vision and strengthen Honest’s legacy as an actor of change in the industry,” said the 42-year-old director. -old actress said in the Instagram post. It is unclear who will succeed Alba as creative director.
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Vernon also published a a farewell message to Alba on Instagram, sharing how the two met while she was still at Amazon and Honest was partnering with the e-commerce giant.
“Jessica is a true visionary who has broken barriers and changed the personal care and baby care industries through the power of little people,” said Vernón. “As Jessica embarks on her next projects, our Honest team is proud to advance her vision.”
Honest’s former CEO is Nick Vlahos, who left the company in 2022. He was named co-CEO of Hailey Bieber’s Rhode skincare brand in February.
The Honest Company had some highlights in 2023, breaking a revenue record and posting a profit at the end of the year. In the final quarter of 2023, the company generated revenue of $90 million, up 10% from the previous year, and recorded a profit of $1.1 million, reversing a loss of $13 million in the same quarter of 2022. Revenue for the full year was $344. million, with a net loss of $39 million, down from $49 million the previous year.
