In a significant move for the beauty industry, Robert Schaeffler has been appointed as the new CEO of the Beauty Industry Group (BIG), taking over from Derrick Porter, who has led the company for nearly two decades. Schaeffler’s experience, notably as the former CEO of hair care brand Vegamour, positions him well to steer BIG towards unprecedented growth in the hair extensions market.
Founded in 2004 and acquired by the private equity firm L Catterton in 2021, BIG encompasses several prominent brands, including Halocouture, Bellami, and Beauty Works. These brands are distributed across more than 1,300 retail outlets in the United States and supply over 30,000 salons across 165 countries. Such a broad reach underscores the potential market awaiting further development, particularly in the growing category of hair extensions, which currently has a market penetration of only 3%.
Schaeffler aims to increase brand awareness and consumer education in hair extensions, a segment he believes is often misunderstood. “Hair extensions are not well understood,” he remarked, emphasizing the untapped growth potential in this niche. As awareness increases, he anticipates an uptick in consumer interest, bolstered by the rise of social media platforms—especially TikTok—where stylist creators have successfully showcased transformation videos, captivating millions of views.
A notable challenge Schaeffler sees is the need for deeper consumer engagement. He believes that increased salon visits can create a natural inclination for clients to explore services like hair extensions. His nearly two decades of experience in the hair industry have informed his insights; he asserts that the desire for thicker and fuller hair remains a consistent consumer demand.
Schaeffler plans to strengthen relationships with stylists, positioning them as essential partners in BIG’s growth strategy. He stated, “I want 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.” This collaboration is key, as stylists are critical to the business’s credibility and distribution channels.
L Catterton, with its vast resources and industry expertise, supports these ambitions. Avik Pramanik, a partner at L Catterton, pointed out that the hair extensions category has already demonstrated growth as consumer awareness rises and shoppers seek functional hair solutions. This growth aligns with the ongoing innovation observed in adjacent sectors of the beauty industry, particularly with products from well-known brands like Olaplex and K18. Furthermore, emerging hair tools from companies like Dyson and Shark have stimulated consumer spending, contributing to a broader trend towards premium hair care products.
Schaeffler’s strategy involves exploring new opportunities both within the hair extensions category and its adjacent markets. He is focusing on enhancing the supply chain to capitalize on what he describes as a “massive whitespace” within the industry. This strategic outlook not only positions BIG for substantial market capture but also aligns with contemporary consumer preferences that increasingly prioritize functionality and quality in their beauty products.
As this new chapter begins for the Beauty Industry Group, the focus will be on innovation, strong partnerships with stylists, and elevating consumer education. With an expert at the helm, the potential for carving out a significant presence in the hair extensions market appears promising. The company’s expansion strategy aligns with the ongoing transformation of the beauty landscape, echoing broader trends of consumer desire for more inclusive and functional beauty solutions.
