Anna Malmhake is a retail industry heavyweight – and the secret to her success is, on the face of it at least, quite simple.
Malmhake served as CEO and chair at The Absolut Company Pernod Ricard before moving to gaming giant Activision Blizzard to perform MD roles around go-to-market EMEA then brands and consumer products.
She is now CEO of Oriflame, a Swedish-founded multinational focused on beauty and personal care products.
The company, which sells directly to consumers online through a network of independent sellers, is very familiar to Malmhake: she has served on its board for a dozen years.
“Throughout my career, I have chosen to work in categories that I personally care about,” she tells BusinessCloud.
“That sense of connection has always been my motivation. Whether it is cocktails, gaming or beauty, these are products and experiences that matter to me in my own life.
“When you genuinely love the consumer offering, it becomes natural to invest the time, curiosity and energy required to excel. I have always been driven by understanding what people want, how brands can enhance their everyday lives and how we can communicate that in a way that feels meaningful.
“This enthusiasm, combined with a commitment to building strong teams and ambitious brands, has consistently helped me to grow within the organisations I have been lucky to be part of.”
Malmhake, who describes herself as a “fragrance superfan”, adds: “What has always motivated me is building brands that people feel connected to and that empower them in some way.
“Joining Oriflame’s board gave me a deep understanding of the company’s values, its mission-driven model and its global reach across more than 60 markets, so stepping into the CEO role felt like a natural evolution.
“Having the opportunity to work closely with some of the world’s leading perfumers has been especially exciting.”
Her team uses AI to identify natural ingredients targeting hormonal ageing: the identification of liquiritigenin, a powerful phytoestrogen found in Chinese Liquorice Root extract, followed analysis of thousands of plant compounds.
The benefits of this patented ‘Bio Boost Technology’ was subsequently proven in the peer-reviewed Journal of Cosmetic Dermatology.
“This shows that AI doesn’t just speed up discovery – it changes how discovery happens,” says Malmhake. “Beauty and wellness are rooted in complex biology, and AI allows us to analyse that complexity more holistically by connecting large volumes of scientific data and identifying patterns that would otherwise be difficult to uncover.
“In practical terms, this means moving beyond a purely ingredient-led mindset toward a deeper understanding of biological mechanisms and interactions. This shift opens up new opportunities for innovation and allows us to make more informed, evidence-based decisions earlier in development.”
The CEO is keen to explain that using AI does not necessarily mean a reduction in the workforce.
“We see AI as a complement to human creativity and expertise, not a replacement,” she says.
“AI gives us greater precision, while our scientists remain fully responsible for biology, safety, quality, performance and the overall consumer experience.”
At an operational level, AI is also having a positive impact. “Our business is built on trust and on genuine personal relationships,” says Malmhake.
“AI strengthens that foundation by giving our beauty entrepreneurs better insights, better education and better tools. With support from AI, they can make recommendations that feel more personalised, more relevant and more confident.
“Rather than diluting the human connection, AI actually enhances it. It takes away the tasks that do not need a human touch and gives people more time for the interactions that really matter.”
She offers an example: “If I want to find out where a parcel is in the supply chain, I would much rather let an AI system solve that quickly and accurately. That frees our teams to focus on person‑to‑person conversations that build loyalty and trust.
“In other words, AI supports the human relationship at the heart of our model. It helps our beauty entrepreneurs spend more time connecting with customers, not less.”
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Microsoft’s acquisition of Activision Blizzard completed in 2023, months after Malmhake left for Oriflame.
“Gaming is built around immersion, personalisation and engagement – all of which are increasingly relevant in beauty,” she says of the synergies. “It taught me the value of creating interactive ecosystems where people feel part of something bigger.
“At Oriflame, this thinking helps us design more dynamic digital experiences and strengthen our sense of community.”
Her experience in top leadership positions has helped her to overcome imposter syndrome, which she says affects people of all genders.
“Women might simply be more willing to name it,” she says. “Early in my career, I felt it much more strongly, but experience helps. Over time, you build clear evidence of your abilities: the teams you have led, the results you have delivered, the difficult moments you have handled and the decisions that proved right.
“When moments of doubt appear, I remind myself of that track record and focus on the value I know I bring.
“It is also important to have people around you who offer honest feedback and perspective. They help you stay grounded and they reinforce that you have earned your place.
“For me, the key is to recognise imposter syndrome when it shows up, accept that it is normal and then keep moving forward. Confidence grows through action.”
Oriflame, now headquartered in Switzerland, was founded in 1967.
“On the surface, there has been a great deal of change,” says Malmhake. “The industry has evolved, consumer expectations have shifted and technology has created entirely new ways of connecting and selling.
“However, the transformation has really been about returning to our roots. Oriflame has always been a social-selling beauty and wellness company built on relationships and entrepreneurship. What we are doing now is re‑expressing that heritage for a digital and social age.”