Stride, a private equity firm with a track record of early investments in successful ventures like Drybar, is deepening its involvement in the hair care industry by making a minority investment in Odele, a Minneapolis-based hair care brand. Founded in 2020 by Lindsay Holden, Britta Chatterjee, and Shannon Kearney, Odele takes its name from a playful twist on the Norwegian phrase “å dele,” which means “to share.” These founders bring a wealth of experience from their backgrounds in retail, marketing, and manufacturing, having worked with companies ranging from General Mills to Renpure (a hair care brand) to retail giant Target.
Odele initially entered the market with a lineup of nine product variants and established a partnership with Target. Since its inception, the brand has continually expanded its product offerings and secured distribution agreements with major retailers such as CVS and Ulta Beauty. Among its standout products are the Volumizing Shampoo, Volumizing Conditioner, and Air Dry Styler, all attractively priced at $11.99. What sets Odele apart is its commitment to clean formulas that adhere to stringent EU ingredient standards, resonating with consumers seeking safe and effective hair care solutions.
While specific details of the investment remain undisclosed, Odele is poised to achieve approximately $30 million in sales this year, representing an impressive 55 percent year-over-year growth trajectory.
Britta Chatterjee, one of the visionary founders of Odele, emphasized the brand’s dedication to building a long-lasting legacy. She pointed out that this aspiration sometimes demands patience and restraint, qualities not always aligned with the fast-paced objectives of private equity. Chatterjee expressed their attraction to Stride as an investment partner, highlighting Stride’s deep understanding of Odele’s vision and business philosophy, along with a shared commitment to both people and the planet.
The infusion of growth capital from Stride Consumer Partners is strategically aimed at bolstering Odele’s core areas of focus, including marketing, talent acquisition, and product innovation.
Nicole Fourgoux, an operating partner at Stride, commended Odele for its innovation in the clean performance hair care sector. She noted that Odele’s approach to offering performance-oriented clean formulas at accessible price points holds immense potential in today’s marketplace.
Stride’s investment history includes successful ventures like Patrick Ta Beauty, Tatcha, Skinfix, First Aid Beauty, and Drybar. The hair care industry is experiencing a notable uptick in investment activity, with anticipation building around potential deals, including one involving K18, which may come to fruition before year-end. As investors increasingly recognize the growth potential in the hair care sector, brands like Odele are well-positioned to make a lasting impact.