Odele, a Minneapolis-based purveyor of clean hair care products, has recently entered into a strategic partnership with Stride Consumer Partners LLC. This collaboration marks a minority investment by Stride, a private equity firm known for investing in consumer-driven passion brands.
The brainchild of co-founders Lindsay Holden, Britta Chatterjee, and Shannon Kearney, Odele was established in January 2020. The brand's name, Odele, is inspired by the Norwegian phrase "å dele," which translates to "to share." This ethos is at the heart of their mission: to democratize high-quality, clean hair care by making it both accessible and effortless for a diverse consumer base.
Their product line is meticulously crafted to cater to various hair types and textures, adhering to stringent EU ingredient compliance standards. Moreover, Odele takes pride in its commitment to ethical practices, ensuring that all products are cruelty-free, vegan, and tested by dermatologists and pediatricians. The brand also distinguishes itself with its gender-neutral, 100% natural fragrance.
In just four years since its inception, Odele has experienced remarkable growth, expanding its portfolio to over 20 products and securing national distribution through prominent retailers such as Target, CVS Pharmacy, and Ulta Beauty. Additionally, the brand has cultivated a successful direct-to-consumer (DTC) presence through its website, odelebeauty.com, and has been recognized with over 30 beauty awards. Odele's Volumizing and Smoothing lines have consistently been customer favorites, and recent additions like the Clarifying Shampoo, Dry Shampoo, and Hair Oil have quickly risen to prominence. The brand's success, including an impressive 55% year-over-year growth from 2022 to 2023, can be attributed to the founders' synergistic expertise and a deep understanding of their target market.
"When we launched Odele, we did so with the intention of bringing performance-first, clean, inclusive products to the shelf at an accessible price point and wrapped up in a beautiful bottle. We knew if we captured the consumer's attention and exceeded expectations in trial, they would come back for replenishment time and time again—and they have. We are beyond excited to partner with Stride. Their team is deeply knowledgeable, and their collaboration, from the initial conversation through the fundraise process, has left us inspired and confident that they are the right partner to help us continue this momentum and reach our ambition for Odele," said Odele Co-founder Lindsay Holden.
"At Odele, we built our company by prioritizing what is essential to us—an unwavering commitment to consumers through premium products, to retail partners through unprecedented service and to the planet by improving our carbon footprint. We're dedicated to building a brand that will last for generations—and that takes patience and sometimes restraint, which isn't always in alignment with the objectives and speed of private equity. We were drawn to Stride because they understood our vision and business philosophy and shared our commitment to people and the planet. We are thrilled to have found such strategic, thoughtful brand builders in Stride to join us on our journey of setting the standard for inclusive prestige performance at mass," stated Odele Co-founder Britta Chatterjee.
With the infusion of growth capital from Stride Consumer Partners, Odele is poised to amplify its impact within the beauty industry. The investment will bolster key business initiatives, focusing on marketing, talent acquisition, and product innovation. The co-founders, who remain majority shareholders, express enthusiasm about the partnership with Stride, recognizing the firm's alignment with Odele's vision and commitment to sustainability and consumer satisfaction. This financial backing is a testament to Odele's potential to set new benchmarks for inclusive, performance-driven, and affordable luxury in the mass market.
Steve Berg, Partner at Stride Consumer Partners, commented, "We were immediately impressed by the expertise and passion that Lindsay, Britta and Shannon bring to Odele. They've created a distinctive, authentic brand which reflects their beliefs and mission. We're grateful for the opportunity to support them as partners." Nicole Fourgoux, Stride Operating Partner, added, "Odele is moving the bar in clean performance hair care. We have seen this market segment thrive at prestige price points and are thrilled that the Odele team has made performance-first clean formulas accessible. We know that Odele's positioning has huge potential in the modern marketplace."
The Odele Co-founders remain the majority shareholders with this significant and timely financial investment.
