In a major leadership transition at Indonesian tech-enabled beauty company Social Bella, Christopher Madiam, the current president and co-founder, will take charge as the new chief executive officer (CEO), replacing John Marco Rasjid who will assume the role of Special Advisor to the company’s Board.
Social Bella did not reveal by when the transition takes effect.
Rasjid, who co-founded Social Bella (known for its omnichannel commerce site Sociolla) along with Madiam and chief marketing officer Chrisanti Indiana in 2015, has been a significant figure in leading the establishment of Sociolla’s exclusive businesses with global brand partners.
As part of the transition, Madiam will continue leading the strategic vision of the company while Indiana will lead Social Bella’s marketing and branding strategy.
A well-funded company, Social Bella raised over $60 million in a funding round led by Singapore state investor Temasek Holdings and L Catterton in October.
The firm has so far raised more than $226 million since 2018. The firm commands a valuation of about $564 million, according to DealStreetAsia’s DATA VANTAGE platform. Social Bella’s largest shareholder is Temasek Holdings, followed by East Ventures at and L Catterton. The company is also backed by Indies Capital Partners and Pavilion Capital. The firm’s revenues in December 2021 were $62.76 million, up 44.11% from $43.55 million in December 2020, according to DATA VANTAGE.
Boasting an omnichannel concept, Social Bella currently has 48 stores in 24 cities in Indonesia. It also has a presence in Vietnam with a footprint spanning 13 locations. In 2020, the firm launched Lilla, an e-commerce unit focusing on the mother-and-baby segment.
Besides B2C retail, Social Bella also runs a lesser-known B2B arm from which it generates revenues as an exclusive distributor for over 50 beauty and skincare brands, including South Korea’s Mediheal, Australia’s The Goat Skincare, and the European brand Klorane.
“Social Bella has been part of my life since day 1. It started from just an idea, and it was a remarkable journey of learning a new industry from zero,” said John Marco Rasjid in a statement.
“Social Bella is now in a more established stage and after almost 8 years, I decided to support the company from a different role. I am fully supportive of my two co-founders, Christopher and Chrisanti, who will continue to lead the company’s wonderful journey in achieving even greater potential,” he continued.
Madiam said, in the statement, “His (Rasjid’s) entrepreneurship and contributions have set Social Bella on the path of even greater success.”
Leadership changes are common as organisations grow bigger, and more complex in structure and pursue buildout plans. Earlier this month, GoTo announced an across-the-board change in its leadership structure which will see Gojek co-founder Kevin Aluwi stepping down from the Board of Commissioners. Tokopedia’s founder William Tanuwijaya will transition from his day-to-day responsibilities at the e-commerce firm to focus on GoTo’s Group business.