Global Market Leader for Hair Solutions Recruits Seasoned Beauty Executive to Drive Next Phase of Growth

SALT LAKE CITY, LOS ANGELES, and MANCHESTER, England, Sept. 3, 2024 /PRNewswire/ -- Beauty Industry Group ("BIG" or the "Company"), a global market leader for hair solutions, has announced that Robert Schaeffler has been named Chief Executive Officer, effective today. Schaeffler succeeds Derrick Porter, who is transitioning to the Company's Board of Directors after 18 years as CEO.

Schaeffler joins BIG with an accomplished 18-year history leading brands in the hair and broader beauty industry. He brings a proven track record of building strong brand identities, modernizing go-to-market strategies, optimizing consumer and stylist experiences, and driving meaningful revenue and profit growth for numerous brands in the Pro and Consumer space. Most recently, he served as CEO of Vegamour, the leader in holistic hair wellness. Prior to Vegamour, Schaeffler served as CEO of DevaCurl, the industry leader in curly hair, where he boosted revenue and profitability and built the brand into one of the fastest-growing premium professional hair care brands in the U.S., culminating in the successful sale to Henkel in 2019. Schaeffler also held various senior leadership roles at Henkel Professional, including serving as General Manager of Henkel Professional North America, where he managed a mix of fast-growing Professional brands, including Sexy Hair and Kenra Professional, while simultaneously launching Guy Tang's #mydentity hair color line.

"I'm thrilled to join BIG and work with the team to supercharge the Company's next chapter as we work to extend its leadership position in one of the most attractive, high-growth, and underserved segments within the beauty industry," said Mr. Schaeffler. "The hair extensions category sits at an inflection point and is poised for accelerated growth as consumers across all demographics are increasingly seeking out extensions for fuller, thicker, and longer hair to supplement their everyday lives. It is a testament to Derrick's vision and leadership that BIG has become the premier provider of hair extension services. I look forward to working closely with the exceptional team he has built."

Founded in 2004, BIG has scaled to become the global market leader for hair solutions and related wellness products. The Company's unique multi-channel distribution network, which leverages stylists as a core driver of success, enables BIG to provide its market-leading portfolio of premier brands to more than 120,000 salons and stylists, and millions of customers across 165 countries worldwide, including the United Kingdom, Germany, and Australia. Since partnering with L Catterton in 2021, the Company has continued its commitment to providing stylists and consumers with the most innovative products and services in the hair extensions category.

"Robert is a beauty industry veteran who brings world-class experience leading brands through periods of transformational growth," said Avik Pramanik, a Partner at L Catterton. "Since partnering with BIG, we have seen the category continue its rapid growth trajectory on the back of increasing consumer awareness and growing demand for hair care products that provide functional solutions, a premium experience, and broad-ranging accessibility. The Company has extended its market leadership by expanding its brand portfolio with the acquisition of premium hair care brand BELLAMI, investing in BIG's industry-leading sourcing and supply chain, and exploring new opportunities within the hair extensions category as well as other adjacencies."

Pramanik continued, "As we look ahead, we're thrilled to have Robert join as BIG continues to pursue the massive whitespace and numerous exciting growth opportunities within hair extensions and the broader hair care category. We look forward to partnering with Robert, who recognizes the tremendous opportunity ahead to scale BIG's unique platform and shares in the Company's vision to build one of the world's leading beauty platforms. We have also greatly appreciated working with Derrick over the last three years. His leadership and contributions extend far beyond BIG to the broader beauty industry, and we are thankful to have his continued support and guidance as a member of the Board."

"I'm incredibly proud of what the team has accomplished over the last 18 years as we've transformed BIG from a small, local business in Salt Lake City into a global, industry leading hair solutions company," said Derrick Porter. "With Robert's deep industry experience and expertise in accelerating growth at iconic brands in the space, I know BIG is positioned for continued success under his leadership. I look forward to working with Robert and continuing to support BIG in my role on the Board."

About Beauty Industry Group

BIG, established in 2004, is the global market leader for professionally installed hair extensions and related beauty products. BIG's professional products are sold in more than 1,300 stores throughout North America and its collective brands service more than 30,000 salons across 165 countries. BIG has offices in four countries and is headquartered in Salt Lake City, UT.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $35 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. The firm's funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 275 investments in some of the world's most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Contacts:

Beauty Industry Group
Sam Jackson
samj@beautyindustrygroup.com
1 801 206 4781

L Catterton
Julie Hamilton (U.S.)
media@lcatterton.com
1 203 742 5185

View original content:https://www.prnewswire.co.uk/news-releases/beauty-industry-group-announces-robert-schaeffler-as-ceo-302236426.html

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