Mayvenn launches new business model, pays for women to get their hair done
Tech Entrepreneur, Diishan Imira has a very inspirational story of how he went from teaching English in China to building a multi-million dollar company in Silicon Valley, which is shifting the power of the billion dollar hair extension industry to black communities and stylists.
There was a major gap for how hair was being installed and Imira filled that gap when he launched Mayvenn hair back in 2013 alongside COO Taylor Wang. Mayvenn, which is an Oakland based provider of real human hair, partners with hair stylists, especially the ones that rely on styling with extensions. The stylists direct their consumers to purchase hair from the company which essentially utilizes the stylist to leverage sales. To date, Mayvenn has grown a network of over 50,000 stylists and has a networth of $100 million. They have also raised over $36 million dollars. Some of their prominent investors include Serena Williams, Andreesen Horowitz, Essence Ventures, Jimmy Iovine,Steve Stoute, Andre Iguodala (of the Golden State Warriors), Cross Culture Ventures and Impact America Fund.
Mayvenn continues to flourish as they introduce a new and convenient feature to the business. Their new business model allows women to get their hair installed for FREE. In the competitive market of hair, Mayvenn is doing something unprecedented which is cutting the total cost of getting your hair done in half. They teamed up with top-notch stylists who benefit from their partnership with Mayvenn because they’re getting new clients. Customers will be able to choose their own stylist out of a network of the best stylists around the world. Once you buy the hair, everything else will be taken care of, essentially making it a one stop shop for hair and styling needs.
Read the full article at Respect Magazine