A COMPANY which sells hair has bought the rights to a web domain name for £30,000 it hopes will increase its overseas sales.
Seaham-based real and synthetic hair company Hair X-Tensions hopes that securing the rights to www.hairextensions.co.uk will allow to penetrate new markets as it already sells internationally and is growing its business in the USA.
Company founder Darren Williams said: “For obvious reasons hairextensions.co.uk is one of the most lucrative web addresses in the industry and one which we have been keen to secure for quite some time.
“We are thrilled that after years of discussions and tense negotiations we have finally been able to secure the domain name, which I’m sure will help make our extensive range of products even easier to find.”
The deal was completed after two years of talks. The site will run parallel to the existing operation at www.buyhair.co.uk and the company hopes to launch eight further online stores in the next three years. Hair X-Tensions also plans to open a physical base in the North East so that customers can pick up their extensions.
The domain name purchase is one of the more expensive co.uk domain names to be sold in recent years. The purchase of www.hallmark.co.uk was completed for £29,375 in December 2007, while www.diamondengagementrings.co.uk went for £9,975 in May this year. The most expensive domain on record is www.insure.com, which was bought for $16m by QuinStreet.
The retailer is currently in talks about a licence to market their new range of clip-in extensions in European supermarkets, with a worldwide deal to follow.
It would represent a further upturn in fortunes for the business, which has built up 24,000 customers since December 2005 and expects turnover of £1.1m this year.
Williams, who set up the business with his partner Angela Place, said: “This would catapult us on to the global stage.
“We’re working on a multi-million dollar deal over three years, starting off in European supermarkets. They flew over from Chicago to meet us in London about our new clip-in hair extension and said they were blown away.”
The Seaham company sells 75% of its hair to the UK market, but it is looking to break further into the American market this year. It is aiming to sign up a distribution partner in the States to reduce delivery time and cost, relaying orders from the main office in the North East. It is also working with UKTI to locate a factory in India to complement its current supply.