Mayvenn

Mayvenn operates as a technology-driven beauty company, structuring its business to empower hair stylists by providing them with a platform to retail hair products directly to their clients. Founded in 2012 by Diishan Imira and Taylor Wang, the company was officially launched in 2013. Imira, the CEO, drew inspiration from his family's involvement in the hairstyling business and his background in international trade and logistics. His experience importing goods from China and an MBA in International Business informed the company's creation, which began after his stylist sister asked him to source hair extensions for her. This highlighted a gap in the market where technology had not significantly penetrated the multi-billion dollar African American hair products industry.

The company's business model is centered on a two-sided marketplace that connects stylists with consumers. It provides web and mobile point-of-sale applications that allow stylists to sell 100% virgin human hair extensions, wigs, and other products without the financial burden of purchasing and holding inventory. Stylists earn a commission, typically around 15-25%, on sales generated through their personalized Mayvenn web pages, creating a new revenue stream for their businesses. This approach has enabled Mayvenn to build a network of over 50,000 stylists across the United States. Revenue is generated from direct-to-consumer sales on its e-commerce platform and through its stylist network, which drives over 65% of revenue.

Mayvenn's product catalog includes a wide variety of hair extensions (such as Brazilian, Malaysian, and Peruvian), lace closures, frontals, wigs, and clip-ins, available in numerous textures and colors. A key feature of its offering is the "Free Install" program, where a customer who purchases hair bundles through the platform is matched with a local stylist in the Mayvenn network for a complimentary installation service. This bundles the product and the service (including a wash, condition, braid-down, sew-in, and style) for the price of the hair alone, driving new clients to stylists. In a move toward an omnichannel strategy, Mayvenn has partnered with Walmart to open in-store "Mayvenn Beauty Lounges." These lounges serve as retail points for purchasing products and as virtual booking centers where customers can connect with local stylists, generating both product and service marketplace revenue. The company also offers wig customization services at these locations.

The company has secured significant financial backing, raising a total of $73M over five funding rounds. Notable investors include Andreessen Horowitz (a16z), 500 Global, Cleveland Avenue, Goldman Sachs Asset Management, Serena Williams, and Jimmy Iovine. The most recent funding was a $40 million Series C round in June 2022, aimed at expanding the Walmart partnership and developing more productivity tools for stylists.

Keywords: hair extensions, beauty tech, stylist empowerment, salon retail, e-commerce marketplace, virgin human hair, direct-to-consumer beauty, hairstylist network, salon services booking, beauty supply, omnichannel retail, wig customization, Black-owned business, Diishan Imira, hair bundles, lace front wigs, beauty supply chain, commission-based sales, retail technology, salon POS, Walmart Beauty Lounge, Free Install program, sew-in weaves