NEW YORK — Purebeauty is expecting a growth spurt.
The company, which has 51 locations across California, Nevada and Arizona, plans to open an additional five stores by the end of August. Purebeauty, the retail chain that sells everything from small indie makeup brands to high-end beauty products, also plans to enter Chicago with six locations, beginning in the fourth quarter. “Our three-year plan calls for controlled growth in 2003, aggressive growth in 2004 and explosive growth in 2005,” said Brett Saevitzon, president and chief executive officer of Purebeauty Inc. The plan of attack is to expand into the Northeast, as well as grow in existing areas, by opening between 35 and 40 stores in 2004 and approximately 45 to 50 locations in 2005.
Purebeauty stores measure between 2,000 and 3,000 square feet. According to the company each store generates as much as $1,000 per square foot, making each store’s sales between $2 million and $3 million.
The company, which describes its stores as “beauty lifestyle destinations,” differentiates itself from other retail beauty supply chains by also offering consultation and services for hair, skin and body. Purebeauty is positioned as a high-end, merchandise-focused store that offers products by brands such as Paul Mitchell, KMS, Decleor and Sebastian.
The majority of Purebeauty is owned by Heritage Partners, a Boston-based equity firm. Another part is owned by the Purebeauty senior management team. The Freeman family, which includes Larry Freeman, co-founder of the chain and the Freeman hair care brand, owns a small portion of Purebeauty, too. Freeman remains chairman of the company but not in an active role, according to Saevitzon. He expects Purebeauty will see high double-digit comp store growth in 2003 and an overall annual sales increase of approximately 35 percent with the openings of the new stores. “We are doing what none else is,” said Saevitzon. “Our stores are performing nicely and we’ve been able to attract the brands we wanted to our stores.” He added: “Building our management team has been the most significant accomplishment of 2003.”