Drybar Receives $20 Million Investment
LOS ANGELES, June 27, 2014-- Drybar (www.thedrybar.com), the leading blowdry-only salon concept, has received a $20 million investment led by SPK Capital and existing investor, Castanea Partners. Also participating in the round were Drybar Board member Janet Gurwitch, founder and former chief executive officer of Laura Mercier Cosmetics, and previously executive vice president of merchandising at Neiman Marcus, and Ron Frasch, former president and chief merchandising officer at Saks Fifth Avenue and previously chief executive officer at Bergdorf Goodman. Paul Pressler, former chief executive officer at Gap Inc. and president at The Walt Disney Company, is also an investor and sits on Drybar's board of directors.
"We are extraordinarily proud, honored, and fortunate," said Michael Landau, Drybar co-founder and executive chairman, "to have such a talented and experienced group of investors and advisors helping us further grow this brand."
Including this $20 million investment, which was managed by Brian Smith at Piper Jaffray & Co., Drybar has raised more than $50 million of capital to date.
Alli Webb, Drybar co-founder and chief creative officer, commented, "The demand we are seeing from women around the world for our products and services is humbling and incredibly exciting. This investment will allow us to further accelerate our expansion plans."
Drybar currently serves more than 100,000 women each month across 37 retail locations, and recently expanded distribution of its popular line of hair styling products and tools from 70 to more than 200 Sephora locations nationwide. Recent additions to the Drybar executive team, led by chief executive officer John Heffner, include Kim Natale as svp of product, previously vp of marketing at CND were she oversaw the launch and growth of their Shellac line, Denyelle Bruno as president of retail operations, formally the head of retail at Peet's Coffee & Tea, where she oversaw more than 300 locations, and Diego Vidal as chief financial officer, who was most recently finance director at OPI.
Named one of the "100 Brilliant Ideas of 2010" by Entrepreneur magazine, Drybar is based on the simple concept of focusing on one thing and being the best at it. The idea was a natural one for founder Alli Webb, a longtime professional stylist, after a lifetime of frustration overpaying for blowouts at traditional salons. In 2013, Alli was named to the Fast Company "100 Most Creative People in Business," the "Cosmo 2013 Power List" by Cosmopolitan magazine, and Fortune Magazine's "40 Under 40."
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