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Oz Hair & Beauty Secures Funding from Major Investors
A series of high profile investors have taken a key stake in online retailer, Oz Hair & Beauty, including Daniel Agostinelli, CEO of Accent Group, and billionaire businessman, Brett Blundy.
The high profile investors are headed by Edison Growth Fund, which houses a portfolio in varying industries, from retail to beverages, and health and wellbeing. Additional co-investors include BBRC, behind Lovisa, Honey Birdette, Universal Store and Accent Group. Daniel Agostinelli, CEO of Accent Group, brings in a portfolio of multichannel retail brands such as Style Runner, Platypus, Glue Stores and Vans, among others.
Oz Hair & Beauty was founded ten years ago by brothers, Anthony and Guy Nappa, which currently has a turnover of $40 million, an increase of 68 percent in the 12 months ending June 30, according to AFR.
When the retailer added skincare to its range, its revenue increased by 250 percent. Additionally, the business introduced more than 100 brands, which helped double its customer base. In the September quarter, Oz Hair & Beauty’s sales broke records, likely due to the lockdown-fuelled online retail boom in Melbourne and Sydney.
The beauty and skincare industry are currently valued at $11 billion and is experiencing double-digit YoY online growth. This recent investment from high profile names is set to bolster this growth in the rapidly evolving space.
The partnership with leading e-commerce names is the next step towards becoming a fully-fledged omnichannel retailer with an enhanced online platform. “Attracting investors of this calibre is a great milestone for us but is really just the beginning. We see great opportunity in our market and the added experience, support and capital will really help us to pursue these opportunities,” said Anthony Nappa.
Family is a core component of the Oz Hair & Beauty business. Founders of the business have a deep understanding of the industry, thanks in part to their parents’ 30-year history in the hairdressing industry. The business is famously family-run, and this series of investments allows the business the opportunity to stay secure, simultaneously enabling the family to retain control. “Family values are in our DNA, represented by our personal relationships with our suppliers. We are about growing brands together for the long-term in the spirit of true partnership and collaboration,” he said.
Shaf Dewani and Michael Thompson, the representatives of Edison Growth Fund corroborated this, stating that the family values and customer-centric approach will help drive attraction to the retailer. With this investment, Oz Hair & Beauty plans to enhance the current online platform, with further expansion of the brand and category offerings, tailored customer service teams and a national rollout of ‘experiential’ hair and beauty showrooms.
“The increase of online penetration in haircare is only just beginning, and consumers are seeking out retailers that offer detailed product knowledge, informed recommendations, access to new and innovative products and excellent customer service,” said Dewani.
“The quality of the investors assembled is testament to both what Anthony, Guy and their team have achieved to date and the size of the future opportunity. The investor group brings together some of the best retailers in the country, enabling Oz Hair & Beauty to benefit from a deep capability and experience in managing brands, driving customer loyalty and building high-growth omnichannel retail businesses.”
In addition to this investment round, Ward Gauvin has been appointed as Executive Chairman, who has observed the business over a ‘number of years’, and was keen to help the business begin its next step forward. “We have the capital and the capability to invest in making everything we do be best-in-class. This includes investments in technology and data, content and marketing, and building upon Anthony and Guy’s focus on customer-centricity. I am particularly looking forward to working closely with current and new brand partners to grow the category together,” he said.
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