Monaghan said they will be utilising the shop's cellar, The Vault, which will be the home for the product range.
They want to take the brand nationwide, offering their products to other barbershops.
Monaghans has also reverted to a walk-ins system, with appointments available on Wednesdays and Thursdays.
The shop tested out a full appointment system as the country descended Covid-19 levels in 2020, as a way of controlling how many people would be in the shop at one time.
Monaghan said it was successful, but wanted to offer people the option to walk in when they could.
"We are in a perfect location for a walk-in service. We couldn't service everyone we wanted to with an appointment system, so with this we can get more people through the door.
"That's what it comes down to in the end, to keep growing and not be stagnant. I just want to help as many people as I can, and I do that through cutting hair."