Sales: $437 million (estimated).
Key Personnel: John Paul DeJoria, co-founder and chairman; Angus Mitchell, co-owner and artistic director.
Major Products: Professional hair care products sold under such brands as Paul Mitchell, Tea Tree, Awapuhi and Mitch.
New Products: Paul Mitchell Yacht Club limited edition styling products and tools.
Comments: Privately-held John Paul Mitchell Systems’ sales rose an estimated 3% last year, inline with the overall salon industry’s growth. DeJoria’s rags-to-riches story is well-known and the billionaire isn’t forgetting where he came from. Two years ago he co-founded Rok Mobile, a wireless operator. Now, that company is introducing a new plan to help low-income customers with a variety of expenses.
For $49.99 a month, Rok’s mobile phone plan with unlimited minutes, texting and data streaming up to 5GB will also cover a $100,000 accidental death insurance policy and $20,000 to cover burial costs, as well as 24/7 online access to doctors through MeMD and roadside assistance for family members. DeJoria and his cofounder Jonathan Kendrick are dubbing the concept “compassionate capitalism.”
DeJoria is also stakeholder in Aubío Life Sciences, a startup with a natural treatment for cold sores. The formulation is fueled by an extract of the Pitcher plant.