Celebrity stylist embraces dollar store market
TORONTO The dollar store isn’t typically the first destination shoppers might think of for salon-quality shampoo, but the bargain retailers are part of one Ontario company’s global expansion.
MAV Beauty Brands Inc., the personal-care company founded by celebrity hairstylist Marc Anthony Venere, began selling his namesake Marc Anthony line in the second-biggest U.S. dollar store chain in the second quarter just as the Toronto area company geared up for its $241.7 million initial public offering in July.
The IPO was the culmination of three decades in the beauty business for Venere, 49, who started cutting hair in his family’s salon in suburban Toronto, and included stints as a stylist to such stars as Eva Longoria. MAV added the millennial-focused Cake and plant-based Renpure lines with acquisitions earlier this year.
Venere was 18 and competing in the world hairdressing championships in Germany when he realized he wanted to do more than run a salon.
“I was watching these beautiful models walking down the runway and all I remember thinking is that one day I want to build a global company,” he said in an interview.
The dollar-store push gives MAV exposure to a large, diverse population where the retailers have become a beauty destination, according to chief revenue officer Tim Bunch.
“They really do serve a great population of the consumer in the U.S.,” said Bunch, who grew up in a small farming town in Missouri where there was only one mass retailer but multiple dollar stores. Dollar Tree Inc., which includes more than 8,000 Family Dollar outlets, is the second-largest dollar store chain in the U.S.
With products in more than 25 countries and the addition of Cake and Renpure, Venere is focused on organic growth and cross selling in the short term, rather than further acquisitions.
Of its 47 U.S. retailers, 36 carry just one of MAV’s three brands — an expansion opportunity that could add $36 million in sales in the next three years, according to Canaccord Genuity analyst Camilo Lyon.