Two players in the hair coloring segment, Canada-based LEKINC and Hair Styling Application (HSA) of Italy, are joining forces to respond to the growing demand for quality non-traditional brands in North America.
The two companies announced recently the formation of ITALHAIR, a new entity that will build on their respective strengths to provide top-notch technology, engineering, product innovation and supply chain-operations excellence to fill a void in the lucrative market that has sales in excess of $2 billion a year in the U.S.
The hair-coloring industry is evolving rapidly, and with it opportunities are emerging for new players, according to LEKINC. The European alternative brands market, for example, grew by 24% in 2003, even though it represented only 2% of the global cosmetic market. The trend in the hair care category is even more pronounced, it generates 10% of the industry’s total sales, up 25% from five years ago.