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You could be forgiven for not knowing it by the look of the average bloke on the street, but American men annually drop $19.5 billion on hair services and $5 billion on grooming products, the New York Times (December 25, 2003) reported. Thats a market that Guy Cartwright (MBA 00) and Heath Flock (MBA 00) decided to have a go at. The two Yanks have purchased the North American rights to Truefitt & Hill, a venerable British purveyor of grooming products and the operator of whats believed to be the worlds oldest barbershop, opened in 1805. The company claims endorsements from Winston Churchill, Laurence Olivier, and Oscar Wilde, not to mention a slew of British royals.
We figured that Truefitt & Hill was the luxury play in mens grooming, said Cartwright, whose Chicago-based company plans to open its first barbershops in New York, Los Angeles, Boston, and Washington this year. According to the Times, T&H patrons can expect half-hour-long shaves that include three passes with a straight razor, nine hot towels, and a facial massage. T&H grooming products are currently available from the companys Web site and in North America at T&H shops in Toronto and Chicago and at a few select retailers.
Of T&Hs prospects, Cartwright observed, We know theres a big learning curve among consumers. But that means more of an opportunity, too.
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