Cashing in on the $9 Billion Dollar Hair Industry
While the growth in the hair market continues to flourish, there is a sector of the industry that is has yet to see the same success. In Pittsburgh, African-American beauty supply store owners are concerned about their stake in the $9 billion dollar hair industry. In an article by the Sacramento Observer, store owners say that they have yet to see real profit from the sale of hair extensions. Competing against Korean owned beauty supply stores, Black business owners are claiming extreme difficulty when trying to buy wholesale hair extensions from distributors who themselves are Korean. In some instances, store owners have been denied certain hair products because they were not Korean.
Not unlike the situation in many other locales, Pittsburgh reminds me that while there may be a beauty supply store on every corner (and african-americans are usually patronizing and spending big bucks), the real profit of the hair industry seems to go to other ethnicities.
In an industry that seems to be growing more and more every day, I'm surprised that more people aren't able to cash in equally. Without doubt, the sale of virgin hair extensions seems to have influenced the entrepreneurial spirit in most new hair retailers. However, is the market less promising for African-American owned small businesses in the long run?
What are your thoughts?
Source: Sacramento Observer