Hairstory Receives Minority Investment From Summit Partners – WWD

Hairstory, the detergent-free hair care model, has acquired a minority investment.

Progress fairness agency Summit Companions has acquired a stake within the model. Monetary phrases of the deal weren’t disclosed, though {industry} sources stated the investment reached an estimated $30 million.

Hairstory’s merchandise are bought on a fee foundation from partnering hairdressers, in addition to straight via its web site. Eli Halliwell, the model’s chairman and chief govt officer, credit the enterprise mannequin for its progress. Though Halliwell didn’t touch upon gross sales, sources stated the model was anticipated to achieve $30 million in revenues in 2021.

Scaling the enterprise successfully is Halliwell’s first order of enterprise with the latest funding. “One of many greatest challenges we’ve had is that we had been basically bootstrapped and self-funded, and every time we hit on one thing that was actually highly effective, I needed to hit the brakes consistently as a result of we’d be working out of stock,” he stated. “We’re going to make use of the capital to construct ample stock to go after each alternative to the fullest extent.”

Hairstory’s model message, of sustainably minded merchandise that enhance hair well being with detergent-free formulation, additionally resonated with buyers.

“We consider Hairstory’s differentiated and efficient merchandise, buyer loyalty, profitability and constantly sensible and deliberate progress selections make them a uncommon model,” Melanie Whelan, managing director of Summit Companions, stated in an announcement. “We’re delighted to associate with Eli and this passionate group to help the corporate’s subsequent chapter: working to deploy a extra expansive progress technique whereas furthering sustainability-focused product innovation.”

Halliwell attributes the model’s excessive retention charges to the merchandise themselves, which eschew detergents to mitigate the results of over-cleansing hair. “Whenever you change from our hero product, New Wash, again to shampoo, you lose the advantages. So now we have extremely excessive retention charges, and that’s what’s pushed our capacity to be worthwhile,” he stated.

Model consciousness stays one of many model’s challenges, and is one other goal for the latest funding. “We’re nonetheless going to be very disciplined, however we’re going to push rather more aggressively on consciousness, and serving to individuals perceive that shampoo is an issue.”

Sustainability is vital to Hairstory, which goals to be the primary absolutely refillable model. It additionally has a refill program, which it says permits prospects to make use of 90 p.c much less plastic and produce 80 p.c fewer carbon dioxide emissions whereas cleaning. Its New Wash, a bestseller, can also be biodegradable.


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