The enterprise was based eight years in the past by Anthony Nappa, whose mother and father ran hairdressing salons Oz Hair Sydney. His brother Guy joined the corporate in 2017, and the duo stepped up funding on warehousing and e-commerce capabilities.Mr Blundy has an estimated internet wealth of $2.65 billion in the 2021 Financial Review Rich List, which positioned him No.39 on the checklist. Mr Blundy has had a 40-year profession in retail and constructed up manufacturers together with Bras N Things and Sanity Music, and in addition has intensive property pursuits.Anthony Nappa stated the group was working onerous to make sure the brand new prospects who had joined in the previous few months would keep on, and maintain shopping for.“We purpose to continue to grow and nurturing these additional prospects,” he stated.Customer-centricThe firm can also be contemplating a measured growth into bricks-and-mortar shops to enrich the web channel.The group has one retailer in Sydney, however plans a sluggish and regular growth in 2022 as soon as the financial system opens up. However, the web channel will stay its greatest focus. “That is the place we see our aggressive benefit,” Mr Nappa stated.It is a rival in some classes to on-line cosmetics and wonder merchandise firm Adore Beauty, which listed on the ASX in 2020 and is on monitor to generate annual gross sales of $200 million-plus.Mr Agostinelli, who has invested in a non-public capability, stated the brothers had a pointy give attention to the tip buyer, which had impressed him from the outset.“I used to be interested in Oz Hair & Beauty from the primary second I met Anthony and Guy,” Mr Agostinelli stated.Their customer-centric strategy mirrored what he had pursued on the Accent Group, which additionally runs shops beneath The Athletes Foot banner.“This all was very a lot in line with my focus in every little thing I do at Accent Group,” he stated.Michael Thompson, the pinnacle of personal fairness at Edison Capital, which runs the Edison Growth Fund, stated on-line gross sales penetration in the haircare phase in Australia was at about 11 per cent, in contrast with 18 per cent in Britain and 17 per cent in the US, so there was stable upside forward.He stated Oz Hair & Beauty had been making sturdy inroads even earlier than the pandemic began in early 2020.“This enterprise was rising fairly quick even earlier than COVID,” Mr Thompson stated.
https://www.afr.com/firms/retail/rich-lister-brett-blundy-buys-stake-in-oz-hair-and-beauty-20211005-p58xfd
