When Covid-19 hit, CEO Amy Errett threw out her playbook and pivoted her staff and supply chain to take advantage of unprecedented demand. Here is the story of how she cornered the gray market during lockdown:
When Covid-19 hit, CEO Amy Errett threw out her playbook and pivoted her staff and supply chain to take advantage of unprecedented demand and record sales. Here is the story of how she cornered the gray market during lockdown and pushed up debut of hair care products for men.onna is ready to go full redhead. She’s done her roots once since the quarantine began, brown just to cover the gray.
Even as salons begin to reopen, Madison Reed says it is selling one box of its flagship Radiant Hair Color Kit every five seconds and expects to turn its first profit ever on its hair color sales. But by December, Errett was watching the virus out of Wuhan, China. “I’ve lived through enough economic cycles to know that when the world changes, it happens very, very quickly,” says Errett, who lived through the stock market crash of 1987 and dot com bust of the early 2000’s. She immediately established a “war room” with an emergency response team that started meeting every morning, including weekends.
Madison Reed was not the only brand to get a boost. According to Nielsen, in-store sales of at home-hair color for the year through July 4 hit $1.63 billion in the U.S., an increase of 6% versus last year. While U.S. drugstores saw an uptick of 4.8% year over year, grocery and food stores saw a 45% jump in sales of boxed hair color. Online sales in the U.S. were up 60% to $308 million.
Errett grilled friends and acquaintances about their hair color habits and crunched numbers. She looked into the ingredients and learned that most drugstore brands used a host of chemicals associated with health issues ranging from skin irritation and respiratory problems to cancer in animals. And then there was the total lack of customer service for in-home kits, leaving women to fend for themselves.
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How Amy Errett Made Madison Reed The ‘Hair Color House Party’ Women Want MostWhen Covid-19 hit, CEO Errett threw out her playbook and pivoted her staff and supply chain to take advantage of unprecedented demand. Here is the story of how she cornered the gray market during lockdown.
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