
How Aesop Nurtures Retail Consultants for Head Office Roles
Global luxury brand Aesop — which formulates products for the skin, hair and body, as well as fragrance and accessories for the self and home — is tackling this perception of limited career development opportunities in retail. As a cultural pillar and core mission of its business, the company facilitates workplace mobility for employees from the retail environment to head office roles.
For instance, Mélanie Hochedez — Aesop's commercial director for the East Coast — joined the business as a regional store manager in New York. Today, she oversees 43 Aesop stores across 11 states. Similarly, Harry Osuna, the brand's human resources advisor in Los Angeles, began as a retail consultant in Hawaii, while John Alunan — a cluster manager in Toronto — started as a store manager and now oversees multiple branches across Canada.
At Aesop, the brand aims to view retail staff as its primary talent pool for head office roles due to their firm understanding of the brand's values and history. The retail teams are also nurtured for development through learning opportunities, such as product and customer experience training and people management training. There are also interactions with head office staff through training sessions, in monthly cross-functional meetings or in-store during festive periods (when head office employees support retail staff).
Indeed, fostering a positive employee experience across the value chain drives loyalty and long-term tenure, while benefitting the brand and business. Companies with top-quartile employee experience are twice as likely to have top-quartile customer experience, according to The State of Fashion report.
Now, BoF sits down with Hochedez, Osuna and Alunan to learn more about their journeys from the retail environment to head office roles and how the company is fostering employee growth across functions and geographies.
Mélanie Hochedez, Commercial Director East Coast, New York
Mélanie Hochedez, East Coast commercial director at Aesop.
(Aesop)
Mélanie Hochedez joined Aesop as a regional manager, having relocated to New York from Paris. In 2022, she was promoted to commercial director, East Coast, overseeing 43 stores across 11 states. She has been with the business for almost nine years.
How would you describe the culture at Aesop?
Over time, I found that Aesop's values matched with my own.
There is passion for the product and the customer experience, as well as a level of excellence in the work that you deliver. There is respect for the people that you work with and the communities that you operate in. You are challenged to give your best every day, to attain that excellence and deliver in that respect. These values fuel the culture at Aesop.
Employees are also provided with strong support. Inclusivity is a big part of who we are and I feel that Aesop truly value people's opinions and contributions.
What competencies have you acquired from retail management?
When you look at the commercial business, it all starts with the people. You are managing large, diverse teams, from different age ranges, different backgrounds, different aspirations. It requires a lot of adaptability.
Retail management taught me how to manage large and diverse teams. The challenge then is: how do you build, and how do you develop and engage in high-performing teams that are going to deliver a memorable customer experience to drive sales?
When it comes to curating and delivering an exceptional customer experience, I see Aesop as a leader in the luxury industry. It's something that we can expand to the full potential in a store, and convey in digital and wholesale channels. Experience is at the core of what we do, and I think that attention to detail, and how you curate and deliver it, is something that Aesop has mastered.
How has Aesop facilitated your career progression?
I am proactive in terms of being exposed to new challenges — something Aesop encourages. If there is a new opportunity or project, I wanted to be involved. For example, during the pandemic, I expanded my current scope and oversaw the fulfilment centre that processes online orders. Access to different experiences and challenges like this led me to the role that I'm currently in.
I also attended educational courses provided by Aesop. For example, I was part of the Aesop Leaders Program which took place in London and a strategic sales management programme with The Harvard Extension Business School in Boston — something that was fully supported and funded by Aesop.
Harry Osuna, Human Resources Advisor, Los Angeles
Harry Osuna, human resources advisor at Aesop.
(Aesop)
Harry Osuna joined Aesop as a retail consultant in Hawaii in 2016, later relocating to Los Angeles in the same role. He worked his way up to a store manager position, before moving into the head office as a regional HR coordinator. Now an HR advisor, Osuna will soon move to New York to fulfil the same role in the Aesop US headquarters.
What skills did you acquire from a retail career at Aesop?
Gaining retail experience at Aesop has been a huge asset throughout my career. It has given me an opportunity to understand the challenges, the strengths and the dynamics that are unique to our operating system and style. Within the head office, I have had the experience to share what I think will work and what needs more attention in other functions. To build this exact awareness, there is a conscious effort for new hires in our office to spend time in-store during onboarding.
Coming from retail, I felt like a jack-of-all-trades — you are involved in marketing, you are involved in digital merchandising, you are involved in both the commercial and people aspects of the business. It has facilitated many collaborative instances with other teams. We don't let ourselves be siloed, something which helps with creative solutions.
How does Aesop foster connections between retail teams and head office?
We have a strong record of people from retail being promoted to head office roles — in my office here in LA, half of my peers come from retail.
We hold monthly retail meetings at the office — which are an opportunity for us to build connections with the retail teams. In LA, head office members prepare dinner for the evening, providing a time to talk about commercial results or the newest product launches, and to connect with and build relationships with our retail teams.
Plus, high performing retail employees can connect with different functions in the head office through our ambassador programme. In just the last month, two of these employees have been promoted: one to a head office position and another one to a store manager position.
How has Aesop facilitated your career progression?
As a local HR team, we put on regular up-skilling workshops specifically for people managers in our retail stores. One of them is called People Matter, where we try to develop the capability and confidence of managers to embrace people managing at Aesop. We want to bring out the best in them, facilitate their personal growth, and establish a culture of excellence.
In our annual performance and development cycle, employees, with their managers, set goals for the year ahead relating to our day-to-day. This process is also about creating specific moments throughout the year to talk about your career at Aesop — or even your career outside Aesop.
We offer access to learning and development training through LinkedIn Learning, which is available to everyone in the organisation — including retail teams. Employees can access an enormous library of modules, information and useful tools for self-development.
John Alunan, Cluster Manager, Toronto
John Alunan, cluster manager at Aesop.
(Aesop)
John Alunan joined Aesop as a store manager in 2019. He managed several high-volume stores in Canada during his tenure, and held a multi-unit store manager title before being promoted to cluster manager in 2024, where he oversees multiple stores.
What competencies have you acquired from a career in retail at Aesop?
As a store manager, you have to wear many different hats. In this environment, there are no aisles to hide behind and there is no stock room to hide in — you are working with all kinds of people all the time, and you become really good at it.
At one moment you are working with IT, then you might play the role of a merchandiser or a trainer. I think all of this solidifies an understanding of the roles that each person in our head office has and how their support helps the store succeed.
From my experience in-store, I was able to work with many different personalities and learn from the best of them. For example, some people were good with project management, and I was inspired by that. Others were good with communication, so I worked on how I communicate myself.
How has Aesop facilitated your career progression?
Growth is never a matter of one person pulling someone up — it has to be two people working together to progress. During my tenure, I am immensely lucky to have the same mentor throughout my six-year journey. My direct manager at Aesop started about a week before I did and I feel like he has passed on his entire knowledge of luxury retail channels to me since.
I have been able to capitalise on his wealth of experience in terms of navigating the nuances to succeed in this environment, and learn from his strategic thinking involved in staying ahead in this market. Throughout this relationship, I have always received constructive feedback and built the confidence to pursue new avenues. I am trusted to take risks and course correct where needed — that is so valuable and I'm so grateful for it.
What excites you about the future of working at Aesop?
What excites me the most is the L'Oréal integration. I am excited about the new chapter Aesop is about to enter and how opportunities will present themselves in terms of merging expertise in beauty with Aesop's unique values and culture.
Aesop's culture has been so consistent over my six years here. I don't foresee that changing, but I am looking forward to seeing how we are going to inject L'Oréal's vision into what we are doing at Aesop.
This is a sponsored feature paid for by Aesop as part of a BoF partnership.
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Grit, grind, get it done!' Aaron Halfacre, CEO of Modiv Industrial. Conference Call and Webcast A conference call and audio webcast with analysts and investors will be held on Thursday, August 7, 2025, at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time, to discuss the second quarter ended June 30, 2025 operating results and answer questions. Live conference call: 1-800-717-1738 or 1-646-307-1865 at 11:00 a.m. Eastern Time, Thursday, August 7, 2025 Webcast: To listen to the webcast, either live or archived, please use this link: or visit the investor relations page of Modiv's website at About Modiv Industrial Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit: Forward-looking Statements Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our future financial performance, annualized dividend rates, future distributions and distributions declared by the Company's board of directors. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC') on March 4, 2025. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company's other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law. Notice Involving Non-GAAP Financial Measures In addition to U.S. GAAP financial measures, this press release and the supplemental financial and operating report included in our Form 8-K dated August 7, 2025 contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below. AFFO is a measure that is not calculated in accordance with accounting principles generally accepted in the United States of America ('GAAP'). See the Reconciliation of Non-GAAP Measures later in this press release. MODIV INDUSTRIAL, INC. Condensed Consolidated Balance Sheets (in thousands, except shares and per share data) (unaudited) June 30, 2025 Assets Real estate investments: Land $ 98,738 $ 98,009 Buildings and improvements 388,564 386,102 Equipment — 4,429 Tenant origination and absorption costs 13,638 13,194 Total investments in real estate property 500,940 501,734 Accumulated depreciation and amortization (66,176 ) (59,524 ) Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net 434,764 442,210 Unconsolidated investment in a real estate property 9,262 9,324 Total real estate investments, net, excluding real estate investments held for sale, net 444,026 451,534 Real estate investments held for sale, net 22,372 22,372 Total real estate investments, net 466,398 473,906 Cash and cash equivalents 5,814 11,530 Tenant deferred rent and other receivables 20,820 18,460 Above-market lease intangibles, net 1,203 1,240 Prepaid expenses and other assets 2,514 2,693 Interest rate swap derivatives 2,103 — Total assets $ 498,852 $ 507,829 Liabilities and Equity Mortgage notes payable, net $ 30,516 $ 30,777 Credit facility term loan, net 249,231 248,999 Accounts payable, accrued and other liabilities 3,333 4,035 Distributions payable 2,027 1,994 Below-market lease intangibles, net 7,530 7,948 Other liabilities related to real estate investments held for sale — 26 Total liabilities 292,637 293,779 Commitments and contingencies 7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value; $25.00 per share liquidation preference; 2,000,000 shares authorized; 1,725,000 outstanding as of June 30, 2025 and 2,000,000 outstanding as of December 31, 2024 2 2 Class C common stock, $0.001 par value, 300,000,000 shares authorized; 10,614,130 shares issued and 10,146,811 shares outstanding as of June 30, 2025, and 10,404,211 shares issued and 9,936,892 outstanding as of December 31, 2024 11 10 Additional paid-in-capital 334,096 349,479 Treasury stock, at cost, 467,319 shares held as of each June 30, 2025 and December 31, 2024 (7,112 ) (7,112 ) Cumulative distributions and net losses (162,761 ) (154,074 ) Accumulated other comprehensive income 1,367 1,841 Total Modiv Industrial, Inc. equity 165,603 190,146 Noncontrolling interests in the Operating Partnership 40,612 23,904 Total equity 206,215 214,050 Total liabilities and equity $ 498,852 $ 507,829 Expand MODIV INDUSTRIAL, INC. Reconciliation of Non-GAAP Measures - FFO and AFFO (in thousands, except shares and per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income (in accordance with GAAP) $ (2,633 ) $ 1,262 $ (1,804 ) $ 5,899 Preferred stock dividends (796 ) (922 ) (1,623 ) (1,844 ) Net (loss) income attributable to common stockholders and OP Unit holders (3,429 ) $ 340 (3,427 ) $ 4,055 FFO adjustments: Depreciation and amortization of real estate properties 3,828 4,137 7,646 8,270 Amortization of deferred lease incentives — 2 — (3 ) Depreciation and amortization for unconsolidated investment in a real estate property 189 189 378 379 Impairment of real estate investment property 4,000 — 4,000 — Gain on sale of real estate investments, net — — (84 ) (3,188 ) FFO attributable to common stockholders and OP Unit holders 4,588 4,668 8,513 9,513 AFFO adjustments: Stock compensation expense 810 67 1,294 1,446 Amortization of deferred financing costs 158 221 315 443 Amortization of deferred rents (1,269 ) (1,422 ) (2,572 ) (3,094 ) Amortization of unrealized holding gain, net of unrealized loss on non-designated or ineffective interest rate derivative instruments (253 ) 550 (503 ) (739 ) Amortization of off-market interest rate derivatives and reduction for accrued interest 1,034 — 2,109 — Amortization of (below) above market lease intangibles, net (212 ) (212 ) (424 ) (423 ) Loss on equity investments — 5 — 26 Other adjustments for unconsolidated investment in a real estate property (78 ) 24 (42 ) 47 AFFO attributable to common stockholders and OP Unit holders $ 4,778 $ 3,901 $ 8,690 $ 7,219 Weighted Average Shares/Units Outstanding: Fully diluted (1) 12,612,092 11,419,115 12,229,385 11,389,106 FFO Per Share/Unit: Fully diluted $ 0.36 $ 0.41 $ 0.70 $ 0.84 AFFO Per Share/Unit: Expand (1) Fully diluted shares/units outstanding includes the weighted average dilutive effect of 1,593,328 Class C OP Units and 895,043 Class X OP Units for the three months ended June 30, 2025, 1,469,750 Class C OP Units and 710,875 Class X OP Units for the six months ended June 30, 2025, and 1,977,630 and 2,386,287 Class C OP Units for the three and six months ended June 30, 2024, respectively. Class X OP Units were excluded from the weighted average shares/units outstanding in calculating earnings (loss) per share for the three and six months ended June 30, 2025 in the unaudited condensed consolidated statements of operations since they were anti-dilutive. Expand In order to provide a more complete understanding of the operating performance of a REIT, the National Association of Real Estate Investment Trusts ('Nareit') promulgated a measure known as Funds from Operations ('FFO'). FFO is defined as net income or loss computed in accordance with GAAP, excluding gains and losses from sales of depreciable operating property, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated investments, preferred dividends and real estate impairments. Because FFO calculations adjust for such items as depreciation and amortization of real estate assets and gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than we do, making comparisons less meaningful. Additionally, we use Adjusted Funds from Operations ('AFFO') as a non-GAAP financial measure to evaluate our operating performance. AFFO excludes non-routine and certain non-cash items such as stock-based compensation, amortization of deferred rent, amortization of below/above market lease intangibles, amortization of deferred financing costs, gain or loss from the extinguishment of debt, unrealized gains (losses) on derivative instruments, amortization of off-market interest rate derivatives and reduction for accrued interest, and write-offs of due diligence expenses for abandoned pursuits. We also believe that AFFO is a recognized measure of sustainable operating performance in the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. Management believes that AFFO is a beneficial indicator of our ongoing portfolio performance. More specifically, AFFO isolates the financial results of our operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results. By providing FFO and AFFO, we present information that assists investors in aligning their analysis with management's analysis of long-term operating activities. For all of these reasons, we believe the non-GAAP measures of FFO and AFFO, in addition to income or loss from operations, net income or loss and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful to investors in evaluating the performance of our real estate portfolio. AFFO is useful in assisting management and investors in assessing our ongoing ability to generate cash flow from operations and continue as a going concern in future operating periods. However, a material limitation associated with FFO and AFFO is that they are not indicative of our cash available to fund distributions since other uses of cash, such as capital expenditures at our properties and principal payments of debt, are not deducted when calculating FFO and AFFO. Therefore, FFO and AFFO should not be viewed as a more prominent measure of performance than income or loss from operations, net income (loss) or cash flows from operating activities and each should be reviewed in connection with GAAP measurements. Neither the SEC, Nareit, nor any other applicable body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, the SEC or Nareit may decide to standardize the allowable exclusions across the REIT industry, and we may have to adjust the calculation and characterization of this non-GAAP measure. We define Net Debt as gross debt less cash and cash equivalents. We define Adjusted EBITDA as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, gains or losses from the sales of depreciable property, extraordinary items, provisions for impairment on real estate investments and goodwill, interest expense, non-cash items such as stock compensation and write-offs of transaction costs and other one-time transactions. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA is not a measure of financial performance under GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.


Forbes
04-08-2025
- Forbes
Strategic Planning Is A Performance. Preparedness Is A Strategy.
We're in the thick of strategic planning season—a time of big binders, slide decks, and multi-day meetings designed to map out the future. But when the unexpected hits, how much of that work actually helps? Too often, we plan for a world that doesn't exist. We build for order when the world delivers chaos. That's why we don't need better strategic plans—we need better strategic preparedness. Because clarity is the new strategic edge. You don't just need a clear plan, you need space for clear thinking, clear priorities, and clear ways to adapt when the inevitable disruption comes. Planning vs. Preparedness: What's the Difference? Planning is based on the expectation of control. It assumes order, stability, and predictability. But in today's environment—AI disruptions, economic volatility, shifting customer demands—that assumption is broken. Preparedness, by contrast, is grounded in the expectation of change. It's about building capacity, not control. It embraces adaptability over accuracy. It prizes clarity over perfection. It's the difference between betting on a specific future—and being ready for many. 'Plans are worthless, but planning is everything.' — Dwight D. Eisenhower That quote might seem contradictory, but it nails the point. The process of thinking through possibilities is essential. But overly rigid plans become obsolete the moment reality changes—and reality always does. Everyone knows Aesop's fable about the ant and the grasshopper. But let's imagine a corporate version: The ant spends the summer preparing: gathering food, storing it for winter, strengthening its tunnels. The grasshopper? He brings in a consultant to write a 60-slide deck on 'Winter Opportunity Alignment.' When winter hits, guess who survives? Too many companies are still the grasshopper—with plans that look great on paper, but little flexibility or resilience when conditions shift. Because we've confused preparation with preparedness and planning with clarity. Companies with hyper-optimized, 'just-in-time' supply chains were exposed when COVID hit. There was a plan—but no buffer, no alternatives, no scenario readiness. Companies like Toyota adapted faster because they'd already built resilience into their systems—investing in supply chain flexibility and cultivating multiple sourcing partners even when it wasn't 'efficient' in the short term. There's an old maritime saying: 'When the seas are too rough to sail, fishermen repair their nets.' That's preparedness. But what do many companies do when seas get rough? They call more meetings. They shuffle priorities. They launch new 'transformations.' Instead of strengthening the systems that help us respond to chaos, we waste time reacting to it. We repair nothing—we just get busier. Preparedness means using downtime to sharpen tools, realign teams, clarify decision authority, and scenario plan. It means building clarity and adaptability into our culture before we need it. I'm not saying we don't need strategic planning. I'm saying that how we're doing it is onerous, uninspired, and too reliant on a single doc or direction. In too many orgs, planning is a show. We over-polish slide decks. We obsess over timelines. We write 30-page plans that no one will read again. We perform alignment instead of enabling action. We're drowning in planning meetings—while teams quietly ignore the plan and focus on the real work of making progress. According to research, unclear planning and slow decision-making processes are major drivers of leader burnout and organizational stagnation. In fact, Gartner reports that 65% of decisions made today are more complex than they were just two years ago, often involving more stakeholders, more data, and more risk. Combined with a rise in decision fatigue and change exhaustion, these unclear processes are now stalling execution, eroding engagement, and hindering growth. We need a reset. Let's stop pretending we can predict the future. Instead, let's prepare to meet it. That means: This planning season, stop obsessing over the perfect roadmap. Start asking: This isn't about ditching plans. It's about planning for the right thing: readiness, clarity, adaptability. Because if you're not preparing, you're pretending.