Warwick graduate who launched hair oil business during degree now worth multi millions

A University of Warwick graduate who started her business during her degree is now the owner of a multi million pound company.

Lucie Macleod went viral during lockdown after making hair oils in her university kitchen.

The 24-year-old English literature graduate has since grown her business, Hair Syrup, and stocks major retailers such as ASOS and Boots, WalesOnline reports.

Yep you heard that right, the brand that went viral on TikTok was actually created in a Warwick accommodation kitchen. And who says they aren’t magical places.

Hair Syrup was born Lucie was fed up with the condition of her hair and wanted an affordable hair oil to help her out. Not finding one she was enamoured by, she took to creating her own whilst studying for her degree.

After a video showing her hair transformation went viral, Lucie created Hair Syrup and began selling items on Etsy during lockdown. She explained: “At first it was all very DIY, very Etsy. I didn’t spend any money on it apart from buying supplies, I built my own website which was horrendous but cost me about £3 a month. I didn’t want to put a load of money into something which at the time I just thought was a bit of a hobby.”

But investing in a warehouse to produce her products 18 months later, the Warwick University graduate is now making a turnover of £4.5 million a year with £1.4 million profit. Her products are also currently stocked in Boots, ASOS, Look Fantastic and BeautyBay.

via BBC

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Explaining how she was initially unaware of the necessities of running a business, Lucie described how she overcame the hurdles when starting out. She said: “I didn’t know what VAT was or how to go limited on Companies House. I didn’t know anything really, I winged the whole thing and learnt on the job and still am to this day.

Discussing how she hopes to overcome hurdles and stereotypes surrounding both living in the countryside and being a Welsh based business, being a Welsh speaker herself Lucie said: “I’m a Welsh woman owned brand so that comes with its own set of unique challenges and we’re rallying against that.”

She explained on the difficulties of finding a suitable premises in which to produce her products in rural Wales but equally her excitement at providing jobs and supporting the local economy: “It was really challenging, you face obstructions that you don’t face if you are working out of London, Manchester or Cardiff.

“Logistics are difficult, finding suitable premises is really hard because there isn’t a demand for it.”

Lucie even took her business to Dragon’s Den last month, however failed to get £190,000 in exchange for a 3 per cent equity stake in her company. Despite walking away with nothing, Lucy explained the business was now projected to generate £6.5m in revenue this year and said “the dragons were really lovely.”

via BBC

Explaining she’s kept in contact with some of the Dragons since, she added: “They told me and taught me a lot of things that are really invaluable lessons to me.”

Lucie also confirmed her plans to expand into Europe, focusing specifically on Norway and other Scandinavian countries and even looking into selling in Australia.

Featured images via BBC