Anybody who’s ever tried hair extensions is aware of that their high quality may be unpredictable. Within the limitless seek for the most effective clip-in hair extensions, discovering that just-right colour is already arduous sufficient — who desires to waste further power worrying whether or not the hair will lay proper, really feel proper, and look pure? Annoyed extension lovers, you are not alone. That is the very drawback that gave rise to “Shark Tank” alum Cashmere Hair.
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Cashmere Hair was began by sisters-in-law Melissa Koren and Rachel Koren, who have been fed up with the inconsistent high quality of the hair extensions in the marketplace. Melissa was already working as a star hairstylist in Los Angeles, and Rachel typically needed to take care of hairstyling in her function as an expert mannequin. Deciding that sufficient was sufficient, the duo began creating their very own extensions by sourcing the most effective hair, hand-mixing colours, and punctiliously placing collectively clips that sat naturally inside their very own tresses.
When their hair began receiving rave evaluations, the Korens determined to pursue their enterprise in earnest, creating the model Cashmere Hair — and just a few months later, they took their new firm to “Shark Tank,” seeking to make a deal. However not each “Shark Tank” hopeful beats the chances, so how did that TV look change the trajectory of Cashmere Hair?
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Cashmere Hair’s Shark Tank pitch
When Cashmere Hair took on the Sharks in December 2013, entrepreneurs Melissa and Rachel Koren led with the transformative potential of their extensions as straightforward, non-permanent choices to reinforce hairstyles. Rachel even gave a sensible demonstration, eradicating after which reattaching a full set of extension tracks from her personal hair. The 2 entrepreneurs additionally emphasised the necessity that had impressed them within the first place — a dearth of high quality hair items — and the way they undertook exhaustive provider analysis to make sure they solely used top-tier Remy hair of their merchandise.
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Then, it was time to speak numbers. Cashmere Hair was looking for solely $45,000 for a 15% stake within the enterprise. Of their six months of operation, that they had already offered $38,000 price of product however wished to proceed scaling their operation. Requested about their subsequent strikes, the Korens revealed that they wished to share educational movies and develop their buyer base by way of “hair events” hosted at salons.
Sadly, whereas the Sharks have been intrigued by Korens’ product high quality, they have been involved concerning the worth level, competitors, and concentrate on advertising. One after the other, all 5 Sharks bowed out, and Cashmere Hair was unable to safe a deal. Nonetheless, the Korens weren’t prepared to surrender on their fledgling firm.
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Cashmere Hair after Shark Tank
Introduced with Cashmere Hair, the Sharks had reservations concerning the model’s means to safe a strong market share. In spite of everything, extensions weren’t new — even in 2013, these magnificence equipment had already been in play for 1000’s of years, with a historical past stretching again to historic Egypt. As such, different trendy corporations have been already occupying that house within the enterprise panorama. Nevertheless, Melissa and Rachel Koren have been decided to carve out their very own place within the realm of hair extensions. With dedication to product high quality and catchy colour names like “Sundown Blonde,” “Beverly Hills Brunette,” and “Roxbury Pink,” Cashmere Hair continued its efforts to disrupt the hair extensions business.
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“It was truthfully nerve-racking to be in entrance of the sharks, particularly as a result of we have been so new to the entire enterprise,” Rachel informed the San Diego Enterprise Journal after Cashmere Hair’s unsuccessful “Shark Tank” stint. Nevertheless, she sees the expertise as a internet optimistic. “Whereas no deal was made, and it was powerful listening to the suggestions, it made us higher and extra savvy businesswomen in the long run,” she defined, including, “Trying again now, we’re grateful {that a} deal wasn’t made. We have not solely performed all of it on our personal, it is also all ours. And that is one thing we’re actually happy with.”
Is Cashmere Hair nonetheless in enterprise?
At present, Cashmere Hair remains to be going sturdy with annual revenues of roughly $3.6 million (by way of the San Diego Enterprise Journal). In truth, the model solely continues to develop, and now affords a complete vary of various extensions to go well with completely different buyer wants, whether or not you are seeking to volumize skinny hair or hoping to seamlessly layer extensions into a brief haircut.
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It is all of the extra spectacular that the model has been in a position to attain success with out backing from any of the Sharks. Throughout their authentic “Shark Tank” look, founders Melissa and Rachel Koren talked about social media as a cornerstone of their gross sales success thus far, and it looks like this has continued to play a key half of their digital advertising technique. Cashmere Hair at present boasts 14,000 followers on TikTok, 23,000 followers on Fb, and practically 92,000 followers on Instagram on the time of writing.
Amid all this buzz, Cashmere Hair has attracted business consideration and made a reputation for itself within the marriage ceremony house by selling its extensions for bridal hairstyles. This has earned the corporate accolades resembling changing into the winner of the 2024 Wedding ceremony Wire {Couples} Alternative Awards. Cashmere Hair has additionally managed to snag some high-profile movie star prospects. An “As Seen On” characteristic displayed proudly on the corporate’s homepage reveals that Cashmere Hair extensions have been worn by such notables as Ariana Grande, Kelly Clarkson, Melissa McCarthy, Chelsea Lazkani, Megan Maroney, and Alix Earle.
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What the longer term holds for Cashmere Hair
Succeeding in enterprise generally is a cautious stability of specialization and diversification, and as Cashmere Hair continues to evolve, it appears to be like like this firm is dabbling in each methods. By way of its beginning enterprise — high-quality hair extensions — Cashmere Hair continues to ship and earn loyal followers. Customers have been very receptive to the corporate’s choices, with over 5,200 evaluations left on the location and a median ranking of 4.5 stars. As one joyful buyer wrote, “I’ve tried different respected manufacturers and I carry on coming again to Cashmere. They’re light-weight, tender, … and really easy to put in. I’m a lifer with these.”
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However Cashmere Hair is not placing all its eggs in a single basket. This model is changing into a one-stop store for purchasers’ hair extension wants. Cashmere Hair guides shoppers by means of ideas for caring for hair extensions and even sells particular, extension-specific brushes and haircare kits. And that is not all: The corporate can also be branching out into different magnificence segments with choices like its human-hair lashes. With these extras and add-ons upping gross sales potential to returning prospects and Cashmere Hair’s bread-and-butter extensions persevering with to draw new enterprise, the corporate appears well-positioned to proceed its journey to dominance within the hair extension area of interest.