Cost of Doing Business (CODB), the holding company founded by Topicals CEO Olamide Olowe and President Sochi Mbadugha, has acquired Bread Beauty Supply.
CODB will now operate the premium textured hair care brand and support its upcoming expansion into 100 more Sephora US stores this month.
The funds will also aid the brand’s roll out into all Ulta Beauty stores by the end of April.
The acquisition is said to mark the first step in CODB’s mission “to build and scale brands at the intersection of culture, community and commerce”, read a statement from the company.
Bread Beauty supply was founded in 2020 by Maeva Heim to champion curly and textured hair, with minimalist packaging and playful branding.
In 2023, the hair care brand raised seed funding from The Fearless Fund – an early-stage venture capital firm supporting underrepresented founders, especially women of colour.
As part of CODB’s deal, Heim will remain as CCO to continue to drive the brand’s creative vision and product development.
Olowe and Mbadugha will serve as “strategic advisors”, while a newly appointed leadership team will manage the brand’s day-to-day operations.
The financial terms of the deal were not disclosed.
Bread Beauty supply was founded in 2020 by Maeva Heim
“At a time when DEI [diversity, equity and inclusion] commitments are being rolled back, it is critical that Black-owned businesses not only survive – we have to win,” said Olowe.
“Maeva is one of the most talented creatives in the space and has led Bread to have a major impact in the hair care industry.
“And with CODB’s resources and expertise, we are ensuring that it continues to grow while remaining deeply rooted in its mission and creative ethos.”
Black consumers spent US$10.2bn on beauty and hair care last year, yet Black-owned brands receive a fraction of industry investment, read a statement from CODB.