Dive Brief:
- After going public at the start of the year, Hims & Hers is continuing its expansion by offering its hair care products through The Vitamin Shoppe's website and stores, the company announced on Monday.
- Hims & Hers will offer select popular items from its hair care offering through the partnership, which includes more than 280 physical stores, per the announcement.
- Although the collaboration will begin with hair care products, the companies left room for "potential expansion" early next year to include other categories Hims & Hers sells.
Dive Insight:
Hims & Hers has been working to expand its physical store presence and product assortment this year.
In addition to its recent collaboration with The Vitamin Shoppe, Hims & Hers partnered with Urban Outfitters to distribute its skin care, hair loss, sexual health, supplements and other personal care products through the retailer's website. Last month, the telehealth startup also expanded its product offerings with anti-aging products and consultation services.
"Providing consumers access to personalized care has always been our priority," Melissa Baird, chief operating officer of Hims & Hers, said in a statement. "We are excited to work with The Vitamin Shoppe, which shares our passion for helping consumers be their best selves, to bring our hair care solutions to more physical retail locations, as well as their digital shoppers."
In January, seeking further growth, Hims & Hers went public through a merger with the special purpose acquisition company Oaktree Acquisition Corp. that placed the company's value at $1.6 billion. Just this August, the company brought on its first chief growth officer with Zola and Intermix veteran Mike Chi. In its most recent quarter, the company reported revenue grew 69% year over year to $60.7 million, driven by a 75% increase in online revenues. But losses also widened to $9.2 million, compared to $1 million in the year-ago period.
The Vitamin Shoppe is pursuing expansion plans of its own. Over the summer, the company agreed to franchise some of its stores for the first time. Through the deal, the company allowed three franchise stores to open in Texas, and encouraged others to apply.
