Beauty Industry Group Welcomes New CEO to Revolutionize Hair Extensions Market
In a significant move that’s set to shake up the beauty industry, Beauty Industry Group (BIG) has announced the appointment of Robert Schaeffler as its new Chief Executive Officer, effective August 28. Schaeffler, formerly at the helm of hair care brand Vegamour, is poised to lead BIG into a new era of growth and innovation in the hair extensions market.
A Changing of the Guard
Schaeffler will be stepping into the shoes of Derrick Porter, who has steered BIG for an impressive 18 years. Porter’s transition to the company’s board of directors marks the end of an era and the beginning of an exciting new chapter for the organization.
BIG’s Journey and Portfolio
Founded in 2004 and acquired by private equity powerhouse L Catterton in 2021, BIG has established itself as a major player in the beauty industry. The company boasts an impressive portfolio of hair extensions and hair care brands, including Halocouture, Bellami, and Beauty Works. With a distribution network spanning over 1,300 stores across the United States and supplying more than 30,000 salons in 165 countries, BIG’s reach is truly global.
Schaeffler’s Vision for Growth
In an exclusive interview with The Business of Beauty, Schaeffler outlined his ambitious plans for BIG. His primary focus? Increasing penetration, awareness, and uptake of hair extensions. “Hair extensions are not well understood,” Schaeffler noted, highlighting the category’s current 3 percent penetration rate as an indicator of immense growth potential.
Riding the Wave of Hair Industry Innovation
The hair care industry has seen a surge of innovation in recent years, with brands like Olaplex and K18 leading the charge. Premium styling tools from Dyson and Shark have further fueled consumer spending and loyalty. However, Schaeffler sees an opportunity to translate these tailwinds into meaningful growth for the extensions category.
The Power of Instant Transformation
Schaeffler, a veteran of the hair industry with nearly two decades of experience, understands the universal appeal of hair extensions. “The first thing anyone wants is thicker, fuller hair,” he observed, “and extensions always provide that.” This instant gratification factor has made hair extensions a hit on social media platforms like TikTok, where stylist-created transformation videos garner millions of views.
Strengthening Professional Relationships
A key part of Schaeffler’s strategy involves strengthening BIG’s relationships with hair stylists. Recognizing their pivotal role in the company’s credibility and distribution, he aims to “really build that brand and marketing muscle, and work with stylists as a center of our universe to bring the category to the next level.”
L Catterton’s Perspective
Avik Pramanik, a partner at L Catterton, expressed optimism about the category’s growth potential. He noted that as awareness has increased, consumers are increasingly seeking functional hair solutions. Pramanik also hinted at BIG’s plans to explore new opportunities within and adjacent to the hair extensions category, as well as efforts to build out the company’s supply chain to capitalize on what he termed a “massive whitespace” in the market.
A New Chapter Begins
As Robert Schaeffler takes the reins at Beauty Industry Group, the stage is set for a potential revolution in the hair extensions market. With his wealth of industry experience, clear vision for growth, and the backing of L Catterton, Schaeffler is well-positioned to lead BIG into a future where hair extensions become a mainstream beauty solution. The beauty industry will be watching closely as this new chapter unfolds.