Dive Brief:
- Continuing its product expansion, Hims & Hers Health introduced a new line of vegan shampoos and conditioners available on its website and via physical retailers like Walgreens and others across the country.
- The line, which launched earlier this month, has two shampoos and conditioners: Hims Max Volume Shampoo, Hims Max Volume Conditioner, Hers Full Volume Shampoo and Hers Full Volume Conditioner.
- The line is formulated with Biovolume 128, a hair volumizing ingredient, but does not have parabens, phthalates, sulfates and dyes, according to a company press release.
Dive Insight:
The rollout of its new hair care line follows its fruitful third quarter. In the third quarter, Hims & Hers generated $144.8 million in revenue, up 95% year over year. However, its losses also rose from $15.9 million in Q3 2021 to $18.8 million in Q3 2022. The company went public via a special purpose acquisition company in 2021, a deal that valued the startup at $1.6 billion.
The new volumizing line joins a growing list of hair care products from the company, including gummies, shampoos, conditioners, foams and drops. In its Q3 report, Hims & Hers co-founder and CEO Andrew Dudum said the company’s net subscriber base surpassed 170,000, an all-time high for the brand.
“Providing products and treatments specific to people’s individual needs is the guiding light as to how we are moving our company forward,” Lindsey Roberts, senior director of innovation at Hims & Hers, said in a statement. “We want everyone to feel like they have options when it comes to their health and wellness care, and this in particular, is a testament to providing people with more choices when it comes to improving their hair, and ultimately, their confidence.”
As Hims & Hers grows its subscriber base and pursues its stock market ambitions, the company has added multiple retailers to its roster. In October 2021, The Vitamin Shoppe began distributing Hims & Hers products online and across more than 280 brick-and-mortar stores. The following month, the brand teamed up with Walgreens to sell its supplements and sexual health and wellness products in select locations. In January 2022, the brand began selling its hair care products on Walmart’s website and in more than 1,400 stores.
Hims & Hers has entered into a very crowded wellness product market, the definition of which continues to change over time. As the company continues its product expansions, it is also leaning into the services it offers. Earlier this month, Hers announced that it had enlisted actress Kristen Bell as its first mental health ambassador to help raise awareness around the brand’s offerings like virtual psychiatry and therapy services with licensed healthcare professionals, free support group sessions and on-demand treatment education.
As the brand joins other companies that have included mental health in their wellness strategy, experts told Retail Dive that more brands have used healthcare to create products outside of the traditional beauty realm.
Editor’s note: This story first appeared in our Retail Dive: DTC daily newsletter. Sign up here.
