SAN FRANCISCO, CA/AUGUST 30, 2016 – Comerica Bank’s Technology and Life Sciences (TLS) Division announced a new client relationship with at-home subscriber-based hair care company Madison Reed to support its rapid expansion into wider distribution channels.
The San Francisco-based company known for providing salon quality hair color “with ingredients you can feel good about at an affordable price, and delivered direct to your door” through its website and coordinating mobile app now has products in more than 300 Sephora retail stores and online in the U.S. and Canada. In addition, Madison Reed began working with QVC in April. The hair care products are also now available in 90 top salons.
“In June we delivered our 500,000th product and for 2016, our sales are projected to be three times that of the prior year,” said Amy Errett, Madison Reed Founder and CEO. “Comerica is a perfect partner for us bringing their keen understanding of technology enabled direct-to-consumer brands, their inventory needs, and how to help them get to the next level and flourish.”
According to Errett, Madison Reed’s gross margin improved 7 percent between January and June of this year. The company expects to be cash positive by the second half of 2017.
“We’re thrilled to be working with a company that’s providing a high quality product line and a unique customer experience with a technology platform where customers can tap into real-time expertise from colorists,” said Megan Bangert, Vice President, Comerica Bank, of the San Francisco TLS office. “Madison Reed is helping people find the perfect luxe hair color at a lower cost than a salon and delivered right to their doorstep.”
About Comerica Bank’s Technology and Life Sciences Division
Comerica Bank’s Technology and Life Sciences Division (TLS) is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, venture backed technology and life sciences companies, as well as their more mature counterparts. The TLS Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, California as well as an office in Toronto, Canada. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company that is among the 25 largest U.S. financial holding companies. For more information, visit www.comerica.com. To find Comerica on Facebook, please visit www.facebook.com/Comerica. Follow us on Twitter: @ComericaCares.
About Madison Reed
Madison Reed (www.Madison-Reed.com) is a San Francisco, California-based company disrupting the $50 billion hair care industry by making the hair color experience a more luxurious, fearless, happy process. The direct-to-consumer line has quickly become recognized as a category leader thanks to a nutrient-rich hair color formula crafted without ammonia, resorcinol, parabens, and PPD—the irritating chemicals typically found in hair color. The entire line of color products is enriched with argan oil, keratin, and ginseng root. In addition to salon-quality hair color, delivered on a flexible schedule, Madison Reed provides on-going support from expert colorists and offers additional products to perfect, protect, and prolong hair color. Madison Reed empowers the modern woman to look and feel her best. Available at www.Madison-Reed.com
Media Contact:
Susan Siravo
sesiravo@comerica.com
(408) 398-0754
