Madison Reed Takes Next Step to Expand Footprint and Portfolio
Hair color brand and retailer Madison Reed has raised $33 million in funding to support its retail and product innovation growth strategy.
The company, which was founded in 2013, sells products direct-to-consumer and currently operates about 60 hair color bars in the United States. It plans to have 80 locations open by the end of this year, including expanding into New York City, South Florida, California, Chicago, Washington D.C. and Texas. It will also grow its product portfolio and omnichannel experiences.
Financing was led by Sandbridge Capital, with participation from Marcy Venture Partners. In a statement announcing the news, Amy Errett, Madison Reed CEO and founder, pointed to the company’s mission of providing convenient and affordable salon-quality hair colorings, noting that this funding will be critical in its next stage of growth.
In a recent episode of Tech Transformation, Tyler Wozny, chief digital officer at Madison Reed, shared that the company is investing in mobile apps to provide more seamless experiences within its color bars. This includes its consumer app to provide seamless transitions between booking appointments, tracking such things as processing times and providing hands-free checkout, as well as offering other consumer engagement tools for periods in between colorings.
Its associates, meanwhile, leverage the company’s Color Cloud System, a SaaS platform that provides info on such things as consumer frequency, color shades, typical processing times, and previous appointment notes, enabling them to perfect their retail experiences.
“It's technology that's unlocking that human-to-human interaction within the hair color bar,” said Wozny. “For most Americans, there's going to be a hair color bar near you, and so it's an opportunity to go in there and really experience not only that great client experience, but unlock what she's already been doing at home from her mobile phone and from her desktop in the hair color bar.”
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