Johnson and Johnson (NYSE:JNJ) has joined Ignite Venture Studio in investing in a recently launched black-owned company Infinite Looks Inc. Founded by Keenan Beasley; the company aims at helping Black women who wish to hit the gym for a work out without thinking of “sweating out their edges.”
Infinite Looks receives funding to scale Sunday II Sunday product line
Beasley’s new haircare line, Sunday II Sunday, seeks to solve the largest challenge of Black women with textured and relaxed hairstyles for those that want to keep them clean without drying their scalp or hair. The new brand is a constant haircare conundrum for black women whose natural hair requires less shampooing compared to the silkier hair texture of White and Asia women that the US haircare sector caters mostly.
Infinite Looks launched Sunday II Sunday products line on May 31, and already it has received funding from Ignite Venture studio and Johnson & Johnson Innovation. The company intends to use the funds to scaling the D2C consumer brand of the product and expand the product line offering. Sunday II Sunday’s focus is offering care to black women who have less frequent washes for removal of buildup, sweat, and environmental damages. This will thus help in removing barriers from people seeking to lead a healthy and active lifestyle.
The black haircare market shows huge potential
Although the exact amount of the investment is not clear, it is thought to be a seven-figure, and Beasley said that this was a start and for good reason. Beasley said that the market for Black American consumers is growing, considering 2018 Black American consumers spent $473 million with the sector estimated to be worth around $2.5 billion. He explained that the market has not been defined well, which is an indication that several large corporations are yet to get behind it.
Elizabeth Wu, the Consumer External innovation and Transactions Manager of JNJ, said that their investment in Infinite Looks and Sunday II Sunday aims to help unmet multicultural haircare needs and support entrepreneurship diversity.