Small business of the week: Essence Luxe Couture

At the age of 21, Akosua Asare developed alopecia, a condition where the immune system attacks hair follicles, leading to hair loss. Eventually, the damage was so severe that she was forced to shave her head completely bald. It was then that she discovered the transformative aesthetic power of wigs. In 2017, the young entrepreneur […]


July 29, 2019

At the age of 21, Akosua Asare developed alopecia, a condition where the immune system attacks hair follicles, leading to hair loss.

Eventually, the damage was so severe that she was forced to shave her head completely bald. It was then that she discovered the transformative aesthetic power of wigs.

In 2017, the young entrepreneur spent $15k in loans and savings to launch Essence Luxe Couture, a luxury wig maker aimed at helping those who suffer from hair loss. Asare’s wigs, which retail from $75 to $800, use ethically sourced hair from Cambodia and are handmade through an arduous, month-long process.

Her first-year revenue topped $40k; in her second year, she hit $65k, with annual overhead expenses of around $20k.

“For women, having a wig that looks natural means they have the opportunity to feel and look like themselves again,” says Asare.

Stats at a glance:

  • Founder: Akosua Asare, 25
  • Employees: 1
  • Cost to launch: $15k
  • Funding method(s): Personal savings, loans
  • Annual overhead expenses: $20k
  • 1st year revenue: $40k
  • 2nd year revenue: $65k
  • Sales channels: Amazon, Etsy, and ELC website.

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