Amazon is venturing into the hair care and styling business. The e-commerce juggernaut unveiled a hair salon that will provide augmented reality consultations to offer unique, one-of-a-kind hair care services.
Amazon (AMZN) has selected Brushfield Street in London’s Spitalfields as the location for the new hair salon. The company promises the best hair care and styling service provided by Neville Hair & Beauty owner, Elena Lavagni. The AR technology will allow customers to experiment with various hair colors and a variety of entertainment will be available on Fire tablets at each styling station.
“We have designed this salon for customers to come and experience some of the best technology, hair care products and stylists in the industry,” said Amazon’s UK Country Manager, John Boumphrey, He further added, “We want this unique venue to bring us one step closer to customers, and it will be a place where we can collaborate with the industry and test new technologies.”
To start, the salon will only be open to employees, with plans to open its doors to the public in a few weeks. Initially, the salon will act as an experimental venue where the company plans to showcase new products and technology.
Amazon shares are up 2.4% for the year after a 76% gain in 2020. (See Amazon stock analysis on TipRanks).
The expansion into the hair styling business comes at a time when Amazon is sending shock waves through the smart devices space. With smart speaker adoption still low in the US, the e-commerce giant is poised to generate significant value in the future
According to Baird analyst Colin Sebastian, Echo speakers have the potential to unlock new business opportunities for Amazon.
“Longer term, we still see Voice Commerce becoming a meaningful part of online shopping. We also note hints in Amazon job listings for “new audio advertising experiences” that include Alexa devices,” Sebastian wrote in a research note.
The analyst has since reiterated a Buy rating on Amazon with a $4,000 price target implying 13% upside potential.
Consensus among analysts is a Strong Buy based on 32 unanimous Buy ratings. The average analyst price target of $4,106.60 implies 23.15% upside potential to current levels.
AMZN scores an 8 out of 10 on TipRanks’ Smart Score rating system which implies that AMZN has strong potential to outperform market averages.
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