This April 2023 file photo shows development work taking place in the Villa Ronai valley. (Photo: David Rose)
Pulse in transition mode
New leadership weighs future of model agency and Villa Ronai development after founder’s passing
Pulse Investments Limited is recalibrating its leadership and business strategy following the death of its co-founder and long-time Chairman Kingsley Cooper, with new Managing Director Safia Cooper charting a path of modernisation anchored in hospitality, commercial rentals, and a digitally driven model agency.
The lifestyle and investment company has also confirmed that Romae Gordon, Cooper’s business and life partner, has stepped down as co-managing director and company secretary, effective March 31, 2025. Gordon, however, remains on the board and continues to play a prominent role in guiding Pulse’s fashion and model agency divisions.
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The company’s new leadership team has signalled that it is entering a “transitional period of focus on growth and modernisation”, with Safia Cooper outlining a roadmap focused on stabilising core operations while introducing more technology, data insights, and diversified revenue streams.
Pulse has retained a cadre of seasoned advisors to navigate the transition period, including legal, financial and capital markets professionals with experience in initial public offerings (IPOs), blockchain, and corporate restructuring. Although not yet board members, the advisors are expected to provide strategic oversight over the short term.
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“We own this company. We have to stabilise Pulse’s commercial rentals and hotel operations while expanding the model agency to honour Kingsley’s legacy,” Safia said at the company’s annual general meeting (AGM) on Wednesday.
The AGM, held at Pulse’s scenic Villa Ronai property in St Andrew, came amid a year of both emotional and operational upheaval for the company. Cooper, who passed in June 2024 at the age of 71, had been pivotal to Pulse’s evolution into a multifaceted business combining fashion, media, real estate, and hospitality.
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The company’s 2024 financial year closed with net profit of $542.95 million, down from a restated $1.43 billion in the prior year. The decline was largely attributed to the absence of fair value gains that had boosted the previous year’s performance, alongside impairment charges exceeding $300 million related to advertising entitlements and financial assets. Still, operating profit remained solid at $607.57 million, signalling continued strength in Pulse’s core business segments. Total assets edged up to $11.8 billion, while liabilities held steady at $2.3 billion.
That downward trend in earnings extended into the current financial year. For the December 2024 quarter, Pulse reported a 49 per cent year-on-year decline in revenue, as the company faced ongoing challenges tied to its leadership transition, coupled with delays in advancing key real estate developments and content production efforts.
Pulse’s portfolio includes commercial rental units and hospitality offerings at its Trafalgar Road headquarters and the hillside Villa Ronai campus. The company currently maintains near-full occupancy across its rental units — boasting 95 to 98 per cent retention — and reports strong hotel performance, with March 2025 occupancy rates close to 100 per cent. Its real estate ambitions, however, encountered a setback.
The Pulse Homes project — a planned 30-unit residential development in the valley below Villa Ronai — was delayed following the death of Cooper, who had overseen the project’s execution. Pulse is now in discussions with external parties, including joint venture partners and potential buyers, to determine the best path forward.
“We have been in very vigorous discussions from the passing of Mr Cooper, trying to see how we can complete that project or just generally arrive at a resolution that is in the best interest of the company. So we are in discussions for whatever will work out best for the company,” Hilary Phillips, co-founder and interim chairman said in responding to a shareholder’s query.
“Our duty as directors is to ensure that we do the best for the company, which will include the shareholders and everyone else. So engaging partners, or whether or not we have to do otherwise, sell the property, whatever we have to do,” she continued.
Meanwhile, Pulse Lofts, consisting of 16 completed residential units, are currently on the market. Some of these units may be retained for guest rentals to support cash flow or partially sold to reduce debt linked to a bond due in 2027.
The business, which has evolved from its core activity of promoting talent in the fashion and entertainment industries over the years, is also moving towards wider televised content and talent model search. The company intends to capitalise on digital platforms, direct scouting via social media, and international placements for emerging talent.
“We have to tap into that world where everyone is a creator and monetise that engagement,” young Cooper said. She pointed to Pulse’s expanding Caribbean Model Search series and continued partnerships with elite agencies in London, New York, and Paris as key to driving international revenues.
Top models such as Alicia Burke, Zan Hyde, and Jeneil Williams continue to headline campaigns for Ralph Lauren, Tressé Paris, and other major labels, earning commissions for the company.
— David Rose contributed to this article
