Jay Z is joining his wife in the fashion and beauty investor space.
ESSENCE recently reported that Beyonce joined Rihanna and others as an investor in a French women’s apparel brand—now it has been reported that Jay-Z is backing premier beauty brand Madison Reed in an investment totaling $33 million, according to Bloomberg.
Led by Sandbridge Capital and Jay-Z firm Marcy Venture Partners, the investment totaled nearly $220 million.
Madison Reed plans to use the funding to help launch a Hair Color Bar expansion and retail locations such as Ulta and Ulta Beauty at Target. Additionally, the brand aims to expand its development for Madison-Reed.com and Amazon.com.
“Our business is the epitome of omnichannel, customers know our brand, they see the same products that we are known for in the direct-to-consumer line as we have in our own Hair Color Bars and in our partner locations,” founder and CEO of Madison Reed’s Amy Errett said to Forbes.
Its plan is to expand to 80 locations, hire 850 new colorists and reach customers inNew York City, South Florida, California, Chicago, Washington D.C., and Texas within the year.
This isn’t Jay-Z’s first go-round in beauty investing.
In 2021, the prolific businessman joined L Catterton and Sonoma Brands to participate in a $20 million Series A round for MERIT. The company is described as a clean, luxury beauty brand inspired by minimalism. Founded by Katherine Power in 2021, MERIT was created to reimagine luxury beauty by making it clean, well-edited, and accessible.
It was reportedly the largest Series A raised by a venture capital-backed company in the beauty and cosmetic sector in 2021, according to Crunchbase News.
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