By Dana Sanchez
Mayvenn, a seller of haircare products that rose to fame offering virgin hair extensions online, plans to expand and change the game with a new value proposition, thanks to a $23 million funding infusion.
About 95 percent of hair extensions used in salons are bought by customers online or at retail stores, then taken to hair stylists who provide braiding service, according to Diishan Imira, CEO and co-founder of Oakland, Calif.-based Mayvenn.
Hair extensions are expensive. Customers can spend $250 for the hair and another $250 for the installation service.
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With a new $23 million funding round led by Richelieu Dennis, Mayvenn plans to market to customers and stylists with new package deals that combine hair sales with styling services from stylists within the network. The installation service will be “free” according to Mayvenn. Customers will be able to buy hair and the installation “for probably 40% less than what they normally would have Click here to read entire article