06.30.14
Drybar, the blow-dry-only salon concept, has received a $20 million investment – and a few industry veterans are in on the deal.
The investment is led by SPK Capital and existing investor, Castanea Partners.
Janet Gurwitch, founder and former chief executive officer of Laura Mercier Cosmetics, is a Drybar board member and also participated in the round – as well as Ron Frasch, former president and chief merchandising officer at Saks Fifth Avenue; and Paul Pressler, president, The Walt Disney Company.
"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; Denyelle Bruno as president of retail operations, formally the head of retail at Peet's Coffee & Tea; and Diego Vidal as chief financial officer, who was most recently finance director at OPI.
The investment is led by SPK Capital and existing investor, Castanea Partners.
Janet Gurwitch, founder and former chief executive officer of Laura Mercier Cosmetics, is a Drybar board member and also participated in the round – as well as Ron Frasch, former president and chief merchandising officer at Saks Fifth Avenue; and Paul Pressler, president, The Walt Disney Company.
"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; Denyelle Bruno as president of retail operations, formally the head of retail at Peet's Coffee & Tea; and Diego Vidal as chief financial officer, who was most recently finance director at OPI.
