Billionaire John Paul DeJoria, the co-founder of John Paul Mitchell hair products and Patron Spirits, has his ear to the floor when it comes to consumer health. ‘The economy is not only coming back, it’s really coming back,’ DeJoria said, adding that more people are coming to hair salons and Patron sales have been growing as consumers increasingly want to treat themselves. He thinks the economy will remain strong for at least the next year and that the upcoming presidential election adds uncertainty over how the economy will look next year. Overseas, DeJoria is bullish. ‘Europe is not as stable as it should be, but it’s starting to get back on its feet,’ DeJoria said. On Friday, fresh data showed the eurozone economy expanded by 0.6 percent during first quarter, beating estimates of 0.4 percent. As for China, DeJoria said people are worried that its economy may only grow at 6 percent this year, as it undergoes a transition that’s set to bring about lower growth. ‘[The U.S.] wishes it grew at five or six percent and so did Europe,’ he added. He said his brands are expanding in Europe and Asia. DeJoria’s latest venture is a cold score remedy, called Aubio Life Science. Meanwhile, DeJoria has an inspiring rags to riches story. He suffered multiple job losses and lived out of his car at one point. He’s now worth billions. When I started John Paul Mitchell Systems in 1980, inflation was 12.5 percent and unemployment rate was 10.5 percent and our backer pulled out,’ he said. ‘We started with $700 and my car.’ He persevered through this time because he believe his product was the best in quality and that hair dressers would want to share it with their customers if it was used in salons. Looking back, DeJoria would advise young entrepreneurs to be prepared for a lot of rejection.
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