Hair is a $US 5 billion market in the United States. Market research from Mintel estimates six out of 10 black women wear a weave or a wig.
The hair goes through a process.Women in India sell their hair to buyers from China, who treat and package it, then sell it to primarily Korean distributors.Those distributors in turn, sell to Korean-owned beauty supply shops in the U.S., who then sell it to primarily African American women,” explained Ben Horowitz in a blog post, an investor from Andreessen Horowitz, who is leading a $US10 million investment round in Imira’s company,Mayvenn.
Women who want hair extensions can’t typically walk into a salon and pick out the the hair they want, having to go to a beauty supply store instead.Imira said 95 per cent of African-American hair stylists can’t afford to keep the inventory on hand because of how expensive the natural hair is and the low amount of cash they have on hand to spend on it.This is where Mayvenn steps in. Mayvenn, which is Yiddish for trusted expert, lets hair stylists set up their own ecommerce sites and sell hair directly instead of referring customers to other beauty supply stores or distributors. The stylist doesn’t have to keep any of the hair on hand because Mayvenn ships it to them in two to three days, then offers a 30-day return window if the stylist or the client doesn’t like it.