Madison Reed announces new executives to the board, along with internal control moves .. .. [+]
Madison Reed has doubled the future growth of the salon and home hair color business, with a total of more than 5 million customer interactions. Founded by current CEO Amy Errett, the company recently joined the board with internal management moves to drive Madison Reed’s mission to increase customer access across the US market. Announced a new executive. An exclusive interview with Errett revealed that the company is on a mission to provide more people with access to Prestige Beauty Hair Care through retail partners such as online, salons and Ulta Beauty.
ULTA
New board members provide experience and diversity
Michael Dubin and Stephanie Davis Michelman have been added as board members, both of whom have extensive experience in expanding the beauty business. Dublin is the founder and former CEO of Dollar Shave Club, driving the company to the $ 1 billion acquisition by Unilever. Dollar Shave Club has revolutionized the men’s grooming business by meeting the market’s need to deliver razors directly to their homes on a monthly subscription basis along with other products. “I’ve known Michael for years and was inspired by how he changed the entire men’s grooming industry,” Ellett said. Ellet recalls the fact that Duvin was very kind and begging when he first started Madison Reed. Although it took him years to convince him to become a board member, Ellet believes his experience is invaluable at this stage of the company’s growth. Dubin is also a board member of Stance and an advisor to Liquid Death Mountain Water and Made by Nacho.
Stephanie Davis Michelman, Global Chief Marketing Officer at Benefit Cosmetics, brings over 15 years of experience driving the growth and profitability of public and private companies. Her achievements include the growth of internationally recognized brands such as Lancome, NEST and Bobbi Brown Cosmetics. “The process of finding the right director was a long one, more than a year, but she wanted to find the right people with the right skills and experience for the company,” Ellet said. “. Having a diverse board of directors that could bring many perspectives to the company was an important consideration for her in hiring new members. Michelleman is Madison Reed’s first board member.
Internal movement
The company also announced internal moves to drive growth, including adding Brad Lande-Shannon as Chief Marketing Officer of Madison Reed and promoting Tyler Wozny to Chief Digital Officer. The company’s growth is driven by its wholesale business with retail partners, the expansion of salons across the United States, and the continuation of its online direct sales business. These management movements foster an omni-channel presence and provide the company with the ability to continue its efforts to support what is called an important culture.
Founder and CEO Madison Lead, Amy Errett builds and trains a team of sincere leaders. .. .. [+]
Errett discussed the company’s philosophy with two basic principles: product integrity and team spirit integrity. With regard to the former, she was unwavering in providing the promised product with complete ingredients (ammonia, PPD, resorcinol, parabens, phthalates for hair color formulations). , Gluten, SLS, Titanium Dioxide Not Included). “Customers expect Madison Reed for convenience and integrity, and we must fulfill that promise every time.”
When discussing the team spirit, Ellet talks about the importance of employee relationships, including higher wage payments, benefits offerings, internal promotions, and other initiatives demonstrating commitment to employees. did. Before Ellet started the interview with me, she went through the entire salon and gave each employee a big greeting and a big smile. “We must trust and respect our employees every day.”
Madison Reed’s hair color bars have expanded to more than 60 locations nationwide.
Environmental factors work well for Madison Reed
As US retail commerce slows for the first time this year, the company is in a good position to deliver its products and services. High gas and food prices have taken a bite out of discretionary spending, but Ellet believes that her hair coloring is a regimen that continues even in a recessionary economy. Madison Reed has endeavored to deliver products to customers in a timely manner by providing direct delivery and online in-store receipt. “Our products have a time limit, which means customers need them right away and don’t want to wait, so they need to be there,” Errett said, and online purchase conversions are product agility. He added that it is directly related to. Received by the customer.
Future security
Most recently, with the participation of Mercy Venture Partners, the company announced a $ 33 million funding round led by Sandbridge Capital LLC, bringing total investment in Madison Reed to $ 220 million so far. .. “We are very grateful to be able to do what we do every day and we are in the place we need to make a difference in people’s lives,” said Ellet.
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