Dive Brief:
- Adding another retailer to its list of partners, Hims & Hers Health has teamed up with Walgreens to provide the telehealth company's personal care products to customers online and in more than 7,000 stores, the company announced Thursday.
- As part of the deal, Hims & Hers will distribute its supplements, sexual health items and wellness products online in early November and in select stores starting in mid-November, per the announcement.
- For Hims & Hers, the collaboration with Walgreens is part of the company's effort to reach the broader consumer market, according to the press release.
Dive Insight:
With Hims & Hers' partnership with Walgreens, the telehealth company is expanding its digital and brick-and-mortar reach. In June, the company released its sexual health, haircare and other personal care products via Urban Outfitters' website, which was the first time Urban Outfitters entered the men's makeup category. The company announced plans last month to sell its hair care products through The Vitamin Shoppe's website and 280 stores.
Besides adding more retailers to its roster of online and offline partners, the company has also released new products and services to consumers. In between its deals with Urban Outfitters and The Vitamin Shoppe, Hims & Hers unveiled Hims Overnight Anti-Aging Duo and its Hers Clear Skin System in late September. Along with its new products, the company also said it would provide consultations with medical professionals to help customers determine which products would suit their needs.
"We're beyond proud to collaborate with one of the largest and most respected health and wellness store chains in the country that champions the health and wellbeing of every community in America," Melissa Baird, chief operating officer of Hims & Hers, said in a statement. "This in-store and online collaboration will enable us to further destigmatize health-related topics by helping more people access an assortment of our personal care and sexual health and wellness solutions."
The retail expansion comes less than a year after Hims & Hers made its public trading debut. In October 2020, it inked a deal to be acquired by Oaktree Acquisition Corp., a special purpose acquisition company, to become publicly traded. The two companies completed their merger in January.
In its most recent quarter Hims & Hers announced net revenue grew 69% year over year to $60.7 million, while the number of subscriptions it had grew by over 75% from the same period last year. The company's net loss, however, widened to $9.2 million from $957,000 a year earlier.
And though Walgreens will distribute Hims & Hers' personal care products, the drugstore chain's approach to wellness differs from its peers. It has worked with Birchbox and emphasized health and beauty products in its U.K. locations, but the retailer has not gone as far as its competitor CVS to cease its tobacco product sales even as it offers healthcare services in stores.
"Walgreens is thrilled to be the largest drugstore chain, with over 7,000 locations, to carry Hims & Hers products to date, providing consumers convenient access to innovative health and wellness products that are dedicated to helping them feel their best," Robert Tompkins, group vice president and general merchandise manager for health and wellness at Walgreens, said in a press release. "As we strive to be the leading partner in reimagining local healthcare and wellbeing for all, this collaboration expands our consumer-centric health and wellness offerings in an exciting and affordable way for our consumers."
