Jay-Z Invests in Madison Reed Beauty Brand plans to launch Hair Color Bar
Jay-Z invests in Madison Reed expected to expand in 80 locations.
In recent money moves, Beyonce invested in a French women’s apparel brand as well as a water brand. Jay Z shows signs that the family is on the move for new industries with his latest investment. The entrepreneur backed premier beauty brand Madison Reed in an investment totaling $33 million, according to Bloomberg.
Led by Sandbridge Capital and Jay-Z firm Marcy Venture Partners, the investment totaled nearly $220 million.
Jay Z invests in Madison Reed expansion
According to reports, Madison Reed plans to use the funding to help launch a Hair Color Bar expansion and retail locations. Locations for example, include Ulta and Ulta Beauty at Target. According to Essence, the brand aims to expand its development for Madison-Reed.com and Amazon.com.
“Our business is the epitome of omnichannel, customers know our brand, they see the same products that we are known for in the direct-to-consumer line as we have in our own Hair Color Bars and in our partner locations,” founder and CEO of Madison Reed’s Amy Errett said to Forbes.
Not to mention, it’s plan is to expand to 80 locations. Also, to hire 850 new colorists. The expansion plans to not only reach customers in New York City, South Florida, and California, but also Chicago, Washington D.C., and Texas within the year.
Jay Z invests in L Catterton and Sonoma Brands
Furthermore, in 2021, the rapper turned entrepreneur invested in L Catterton and Sonoma Brands. The deal participated in a $20 million Series A round for MERIT. The company creates clean, luxury beauty inspired by minimalism. Founded by Katherine Power in 2021, MERIT was created to reimagine luxury beauty by making it clean, well-edited, and accessible.
It was reportedly the largest Series A raised by a venture capital-backed company in the beauty and cosmetic sector in 2021, according to Crunchbase News.