Wigs: Has Parfait finally cracked the code on the secret to success

Wigs and hair extensions are one of the few product categories that are among the most deeply fragmented and behind the times in their market development. Is it possible for a new American entrant to modernize the industry by utilizing technology and an ultra-focused strategy, and to grab a stake in a sector that is projected to experience rapid growth? Launched in April, Parfait is a business that is primarily conducted online. The company's executive team is confident that it has discovered a winning strategy that relies heavily on technological expertise, including AI. Customers who visit the company's website are given a wide variety of choices regarding the textures, colors, lengths, and styles of their wigs, in addition to AI-driven skin tone matching and virtual consultations. The application of artificial intelligence raises the bar for the precision with which wigs fit a person's head. This is a potentially game-changing capability because it eliminates the need for multiple bands and glues to secure wigs to a person's head. One of the four people who started Parfait has described the company's mission as saying, "We're trying to bring wigs into the 21st century."The history of the four individuals who started this company gives the impression that they have big plans for it.

When they were both pursuing their MBAs at the University of Pennsylvania's Wharton School, CEO Isoken Igbinedion, age 31, and Simone Kendle, age 31, currently hold the position of CMO. Ifueko Igbinedion, Isoken's younger sister and the company's current CTO, went to Stanford and then MIT, which is where she met Marlyse Reeves, the company's current COO. Ifueko is now 27 years old. Their objective is to put that prestigious education to use in every facet of a business that, as African-American women who wear wigs, they are familiar with on a deep level. The use of wigs and hair extensions is deeply ingrained in the African American cultural tradition. The launch schedule for Parfait demonstrated the seriousness of the venture by including an invitation-only dinner in New York City with the purpose of cultivating relationships with hairstylists and other influential individuals. Upfront Ventures, Serena Williams' Serena Ventures, and Chamillionaire, an investor as well as a rapper, contributed to the startup's successful fundraising of $5.25 million in venture capital. In July, Kelly Rowland, who is a musician, also became an investor in the company, and Justine Skye, who is also a singer, has agreed to promote the company.

The most important thing is technology. Put all of those celebrity endorsements and investments out of your mind; the executive team would much rather discuss technology. Isoken Igbinedion, the CEO of the company, has stated that "We are a technology company first and foremost that happens to sell wigs and extensions."They are aiming for a very significant accomplishment or reward. According to Research and Markets, a global research firm, the market value of wigs and extensions is anticipated to reach $7.62 billion this year and is projected to almost double to $13.28 billion by 2026. These figures refer to the global market value of the products. Over the course of several decades, distribution has been extremely dispersed, with extensions and wigs being sold in salons, local beauty stores, and even online, consumer-to-consumer. A great number of famous people, athletes, and influential people have started their own lines. The New York City-based company True Indian Hair, which sells its products online and in brick-and-mortar locations, is favored by celebrities like Lizzo, Mary J. Blige, and Teyana Taylor. In 2019, the Nigerian social media star Peak Mill, who has amassed 1.2 million followers on YouTube, released the Peak Mill Raw Hair Collection via online retail outlets.

Shelly-Ann Fraser-Pryce, a Jamaican Olympic gold medalist who won the event twice, is the owner of Chic Hair

1. She is famous for her fiery hair colors

2. The market composed of African-Americans is the most important one

3. According to Nielsen's research, black women invest anywhere from six to nine times as much time and money into their hair as do white women

4. Igbinedion estimates that the cost of a good wig or weave can range anywhere from $300 to $3,000 dollars

5. This represents a significant financial investment

6. Prices for Parfait products range from 450 dollars to 1,200 dollars

7. Even though African Americans make up the largest user group in North America for wigs and extensions, they are not the only people who do so

8. Demand among women of varying backgrounds is fueled by celebrity sightings on social media platforms like Instagram and magazine covers

9. While customers scramble to find wigs to imitate looks, do-it-yourselfers jump right in

10. Igbinedion explains that the company's primary objective is to "create this beauty experience for all people

11. "At the Oscars in 2022, Jada Pinkett Smith, who was at the time experiencing alopecia, brought the condition to the attention of the world

The National Alopecia Foundation will be a potential business partner for Parfait. A joint presentation with a designer is going to take place during New York Fashion Week in September of this year. According to Kendle, it will be essential to have some sort of physical presence, whether through retail or in-person consultations, in order "to build trust" in the company, despite the fact that the business is driven primarily by digital technology and is informed by AI."We want to get women into rooms where they can get a good understanding of our products. We have a responsibility to educate our customers about the many benefits of doing business with us. Creating an impression in a market that is already saturated. It is a crowded field, and Parfait is entering it alongside thousands of other players, ranging from local salons to celebrities to larger fish like Artnature, Hair Zone, Mayvenn, Rumei, and Balmain. Parfait's competitors include these and other names."The industry has really been concentrated in the African American community, with the hair being sold in a variety of locally owned boutiques and salons. According to Safiya Ghori-Ahmad, regional director at the consultancy McLarty Associates, "now, that has really grown into the mainstream and the reason for that is because of social media.

"There has been a significant increase that is exponential in nature. Parfait has the intention of cleaning up some of the unsavory aspects of the supply chain, such as the use of forced labor, exploited providers, and harmful wig glues that put women's health in jeopardy. According to Igbinedion, "It's really about building an infrastructure for the whole industry." Citation neededAccording to Ghori-Ahmad, "what we're seeing is a desire on the part of young people to make the industry more ethical."According to Ghori-Ahmad, one example is how the government in India has cracked down on middlemen who harvest free hair from temples where it has been left as an offering to the gods so that citizens can make money off of their hair. This is part of an effort to assist citizens in making money off of their hair. Parfait, which manufactures in Dallas, Texas, receives product from India, Vietnam, and other APAC countries, most notably the Philippines, where it says it is working hard on sourcing afro kinky hair with a tight curl. This is traditionally a difficult ask for an industry that favors straight hair.

Parfait's manufacturing facility is located in Dallas, Texas. The buzz surrounding Rihanna's rumored entry into the haircare industry has been fueled by the fact that a trademark registration for Fenty Hair was reportedly filed in 2017, despite the fact that the company has not yet made an official announcement. There have been rumblings coming from within the company that suggest a team may already be working on it. Fenty did not wish to comment on the matter. Ghori-Ahmad makes the observation that "Rihanna's entry into the sector would help push the whole industry forward," which is true. The effect that Fenty as a brand has on issues of diversity, ethical sourcing, and the inclusion of all peoples has the potential to be transformative. That is, unless Parfait alters the rules before anyone else does.