She was born in The Netherlands of a Dutch mother and an Italian father. From an early age she always “wanted my own business”. She grew up both “bilingual and bicultural”. Her father decided to take a Dutch rather than stereotypically Italian approach towards his daughter, encouraging her to be an independent figure with career ambitions. It possibly helped in this regard that at least one of his own sisters back home was doing this as well.
That sister, Gracia’s Aunt, proved to be a pivotal figure. She had launched her own company selling fine Italian jewellery into the United Kingdom via a host of famous outlets. As a result, she was not merely successful in the economic sense but was the epitome of style as a person. She was almost “an idol” and certainly a trail blazer as far as her niece was concerned. She would also be a mentor.
In 1999 she suggested to her employers that “we need a website” and was looked at as if she had arrived from a distant asteroid. The view then was that luxury and on-line were oil and water. She would have to found her own company.
Before that moment, however, Gracia had an education to encounter. She wanted to do something as close to an MBA as she could but realised that abstract mathematics was not her strong point. If she applied for a pure Business degree, then this relative deficiency would prove a handicap.
She would, therefore, have to be strategic and pragmatic. She had huge strengths as a linguist with Dutch and Italian as native tongues and intense exposure to English, French and German as well. She would not describe herself as “in love” with languages but she could turn them to her advantage.
So, at Leiden University she studied Sinology (Chinese culture and language) and Business. This was,a rather unusual combination at the time but it enabled her to sit for the modules of an MBA at the Erasmus University that had the most appeal and by-pass the ones which were more theoretical. She was also destined to be exposed to a country that would increase in importance over the next few decades.
Of her circle at that time, some would become incredibly rich, but many would fail completely. It was the mother of all learning experiences. It was also a highly individual and quite lonely existence.
At the end of her degree, she had originally intended to spend a stretch in China. Those plans were scuppered by the events in Tiananmen Square in June 1989 which led to Beijing putting up the shutters in its aftermath. She went to Taiwan instead and “loved it”. She experimented with an array of business ideas but none of them caught fire. She did not want to return to Holland on a permanent basis. Her Aunt then suggested that she might learn the ropes of the jewellery trade by an apprenticeship with her business partner based in London. Although it was obviously going to be a case of starting at the bottom, she seized the chance and opted to travel to England by bus rather than fly so that she would have time to download all the information of the industry she could find.
She spent five years with the family business and then the better part of five more with another firm in the same sector. At a young age she had come to know pretty much everything about jewellery. If anything, her difficulty was that she was ahead of her time. In 1999 she suggested to her employers that “we need a website” and was looked at as if she had arrived from a distant asteroid. The view then was that luxury and on-line were oil and water. She would have to found her own company.
Which she did having acquired some venture capital backing just before the dot com bust arrived. These were wild times in that even those at the heart of selling online were constantly pivoting. Of her circle at that time, some would become incredibly rich, but many would fail completely. It was the mother of all learning experiences. It was also a highly individual and quite lonely existence.
Philip Green let her have all the latitude that she needed. She was allowed to innovate, essentially inventing what is now known universally as “click and collect”.
After five years on her own she went as a (mutual) experiment to Burberry. She clearly knew far more about e-commerce than anyone else there. The challenge was that the company at that time, was seeking to reconcile the relative democracy of selling via the Internet with its obsession with “protecting the brand” and maintain its “premium” status.
She thus swapped fields entirely and became the Head of E-commerce at Topman and Topshop. This was “fantastic”. There were no obstacles put in her path whatsoever. Quite the opposite. It was akin to setting up her own business. The company was more than content for her to turbocharge the fast fashion formula through the website and her entrepreneurial spirit was appreciated and applauded. Revenues went through the roof. Philip Green let her have all the latitude that she needed. She was allowed to innovate, essentially inventing what is now known universally as “click and collect”. She “really enjoyed working with” her ultimate boss and “looks back fondly” on her time there. If they had put her on the board she might have stayed.
To acquire that board status, however, she would need to leave. She went to Hobbs as the Director of E-commerce. This was crucial to her personal development but not optimal timing. The company was going through a period of change, which made her open to new opportunities.
She was sought out to be the CEO of Pets Pyjamas. This would be a completely new role for her, it was a much smaller company than she was accustomed to, and it was a sector in which she had no direct background. After seeking advice from her network, she was convinced that she should try her hand at it. It would prove to be a real success. She immersed herself in the details of the pet industry, came up with her own ideas on branding, and embraced imaginative strategic partnerships such as the one that she struck up with Eurotunnel who wanted to promote the idea of “take your pet on holiday with you” which was a far more complicated option with the airlines than it would be if taking the train. Her three years at the helm there were “fabulous”. Yet she was already thinking of a portfolio future.
Before that point, nonetheless, she would have one more “conventional” assignment. She had an array of experience with private equity and venture capital owners already. Sun Capital Partners wanted to recruit her as a Head of Digital Operations. What this would mean in practice involved a deep dive into Scotch and Soda which was a fashion business that they owned located in The Netherlands. She would do that and then go plural.
What Chair/NXD positions do you presently hold?
“I am the Chair of Closer Pets, an on-line pet-tech business which is backed by private equity. I am also the Chair of the Advisory Board of Verdier and Co (a boutique corporate finance institution) and a Board Adviser to WeArisma, a firm which seeks to measure the impact of influencer marketing.”
What prompted you to explore non-executive roles?
“When I decided to move on as CEO of Pets Pyjamas, I looked at a number of other CEO positions but to be honest none of them excited me. I was open to doing something different with myself.”
How did you get your first such role and what attracted you to that organisation?
“It was a Chair/NED role at a company called Ruroc that EquityChair introduced me to. It was not scheduled to last long but it made me appreciate what may be out there.”
In non-exec roles what has been the most useful part of your prior management career?
“A range really. My digital background is an obvious advantage. I offer strategic thinking. I am an instinctively entrepreneurial person. I have operated in both very big and very small companies. I have been a CEO. I think this enables me to see where I can have a positive influence on a business.”
What makes a business appealing to you as a NXD or a Chair?
“The potential and the people (and their culture). I am less bothered by the product or the sector. I have been perfectly happy to move around industries. The essentials of business are transportable.”
What are the three biggest lessons that you have learnt from being a NXD/Chair?
“First, the importance of listening and listening with your eyes as well as your ears. Second, the need for candid communication at all levels, you sometimes need to act as a facilitator to encourage people to talk through issues to find solutions and alignment as a board team. Finally, you need to appreciate where you can have influence (this may be most significant when dealing with, as I often have, private equity owned companies).
What is the best experience that you have had as a NXD/Chair?
“Being able to be involved in a very direct way with team building. Identifying the right people to bring into a business who once appointed then prove to be a success is extremely rewarding.”
What is the biggest problem that you have faced as an NXD/Chair and did you resolve it?
“The Covid crisis and its aftermath was a massive challenge. It forced us to take a completely fresh and critical look at our supply chains. We had lots of stuff that came into us from China and that suddenly became a very serious issue. We had to rethink completely and bring production much closer to home. This was not the sort of problem that the Risk Register had anticipated for us.”
What are the biggest challenges which boards will have to face in the medium term?
“That the world has changed so much and in a short period of time. Macroeconomics and geopolitics have become so much more complex. Boards need to think about this much more intensely. It may mean that you will have to be more patient when attempting to realise your business objectives.”
What advice would you give someone starting out on a portfolio career?
“Underpromise and overdeliver. Put more time into it than whatever the official quota might be. You should aim to be excellent at it. Do not overstretch yourself by taking on too much. In my view it is better to focus hard on three or four assignments rather than spread yourself too thin across roles.”
