A fresh view on Odele's funding boost
Odele obtains financing from private equity sources
Here's the lowdown on haircare brand Odele, who snagged a significant minority investment from growth-equity firm Stride Consumer Partners. The financial terms weren't revealed, but they did mention it as more than just a pocket change.
Odele, launched in the chilly months of 2020, is planning to pump this newfound cash into key business areas like marketing, hiring top-notch talent, and innovation in their product line.
The brand's trio of founders, Lindsay Holden, Britta Chatterjee, and Shannon Kearney, still retain the majority shares, according to a press release.
Sustainable growth seems to be Odele's jam, with private equity capital being a perfect fit. As Chatterjee stated, "We're not just about speed - we're about building a legacy, and that requires patience, sometimes, and privately-held values don't always align with the objectives of private equity." This is where Stride Consumer Partners came in, recognizing their vision and philosophies, and sharing their commitment to people and the planet.
Odele's base in Minneapolis has been a hotbed for hair care sales, with a thriving direct-to-consumer business. They also sell their products via wholesale with retailers such as Target and CVS Pharmacy, and even newer partnerships with Ulta Beauty, both in-store and online.
2023 saw a 55% year-over-year growth for Odele, thanks to a deep understanding of their core customers.
Nicole Fourgoux, Stride operating partner, mentioned that Odele's performance-driven clean formulas were a breath of fresh air in the market. "We see huge potential for Odele in the modern marketplace," she added.
In the same vein, other haircare brands are also making waves this year. Jen Aniston's LolaVie started wholesale deals with Ulta, marking their first step into physical stores. Bath & Body Works expanded its range by introducing haircare products in 560 stores, while Ceremonia opened its first brick-and-mortar shop in NYC's SoHo neighborhood.
Though the specifics of Odele's growth strategies post-investment remain undisclosed, they'd likely channel this funds into product development, marketing, operational efficiency, or new distribution networks. But until we hear it straight from the horse's mouth, we'll just have to stay tuned and see!
- The founders of Odele, Lindsay Holden, Britta Chatterjee, and Shannon Kearney, are thrilled about the significant minority investment from Stride Consumer Partners in 2023, as it will aid in boosting business areas like marketing, hiring top talent, and innovation.
- In the realm of technology-driven lifestyle and finance, Odele's base in Minneapolis has proven to be a profitable hub for hair care sales, with a strong direct-to-consumer business as well as partnerships with retailers like Target and CVS Pharmacy, and even Ulta Beauty.
- Stride Consumer Partners saw potential in Odele's performance-driven clean formulas, aligning with their commitment to people and the planet, making them the ideal partner for growth equity.
- Sustainable growth seems to be the mission for Odele, as the brand focuses on building a legacy and not just chasing speed, which is often at odds with private equity's objective of quick returns.
- The haircare industry is seeing a surge in innovation, with emerging brands like Jen Aniston's LolaVie entering physical stores, Bath & Body Works expanding its range with haircare products, and Ceremonia opening its first brick-and-mortar shop in NYC's SoHo neighborhood, all in the year 2023.
