In the new episode of Mergers and Acquisitions, the podcast by Empresax, we speak with Judith Calzada, Deputy General Manager at pH Formula, a dermocosmetic company with a presence in more than 65 countries.
In addition to her experience leading the brand, Judith is a professor at ESADE and Ramon Llull University, and an executive coach, combining a solid international business background with a deeply human and transformative approach to leadership.
During the interview, Irache Estebaranz and Fernando Cabos —partner at Albia IMAP and head of the firm’s cosmetics sector— discuss with Judith the challenges of international growth, pharmaceutical innovation, and the role of purpose-driven leadership in an increasingly competitive and global market.
From Revlon to pH Formula: An International Career Defined by Transformation
With a career that includes positions at multinational companies such as Revlon and Germaine de Capuccini, Judith shares how she has led projects in international expansion, global team development, and cultural transformation within the beauty and skincare industries.
In her current role at pH Formula, she leads the global growth of a family-owned company that pioneers the combination of science, dermatology, and health, under a philosophy built on personalization and continuous innovation.
“I’m passionate about seeing how companies can grow without losing their purpose or essence. At pH Formula, we strive to care for skin health without compromising its well-being.”
Private Equity, Education, and Purpose: The New Keys to M&A
The episode also explores the growing impact of Private Equity in the Spanish cosmetics sector, a market where M&A activity has significantly increased in recent years. Judith and the hosts reflect on the importance of maintaining brand values even amid rapid growth, and how new generations of leaders are transforming the way businesses are managed.
“It’s not just about growth — it’s about growing with purpose. Value-driven leadership and education are the true engines of change.”
Innovation, Talent, and Sustainability
Judith highlights how personalization, medical training, and technology applied to health are redefining the future of the pharma-beauty sector. In an increasingly digital environment, pH Formula is building its global strategy around professional education, selective distribution, and female empowerment as key pillars for sustainable growth.
🎧 Listen to the full episode on Spotify, iVoox, or Apple Podcasts by searching “Mergers and Acquisitions”, the podcast by Albia IMAP about the world of M&A in Spain, investment, and corporate leadership.
About the Podcast
Mergers and Acquisitions is the podcast by Empresax, the professional community powered by Albia IMAP, where each episode brings together experts and business leaders to share insights on financial advisory, investment, and corporate transactions in Spain and internationally.
Click here to listen on Spotify
