EUROPEAN WAX CENTER NAMED ONE OF THE FASTEST-GROWING FRANCHISES OF 2023 BY ENTREPRENEUR

European Wax Center (NASDAQ: EWCZ) announced recognition as one of the Fastest-Growing Franchises by Entrepreneur, ranking 30 out of 1,321.

Rhea-AI Summary

European Wax Center (NASDAQ: EWCZ) announced recognition as one of the Fastest-Growing Franchises by Entrepreneur, ranking 30 out of 1,321. The 2023 ranking reflects franchise unit growth from July 2021 to July 2022. In 2022, EWCZ opened 91 net new centers, achieving a total of 944 centers across 45 states. The company generated $899 million in sales, with revenues increasing 16% to $207 million. Strong demand for their services is exemplified through continued Wax Pass sales, indicating customer loyalty. This accolade underscores the stability and growth of EWCZ's business model.

Positive

• Ranked 30 out of 1,321 in the Fastest-Growing Franchises by Entrepreneur.
• Opened 91 net new centers in 2022, a 10.7% increase from 2021.
• Generated $899 million in sales in 2022, with a 16% revenue increase to $207 million.

Negative

• None.

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PLANO, Texas, March 22, 2023 /PRNewswire/ -- European Wax Center, Inc. (NASDAQ: EWCZ), the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States, is proud to be recognized by Entrepreneur as one of the Fastest-Growing Franchises, ranking at 30 out of 1,321. This 2023 ranking highlights companies that saw the greatest franchise unit growth in the U.S. and Canada from July 2021 to July 2022, and European Wax Center will be highlighted in the March/April issue of Entrepreneur magazine and on Entrepreneur.com.

European Wax Center delivered record results in 2022, opening 91 net new centers - a 10.7% increase from 2021 - and ending the year with 944 centers in 45 states as well as their deepest pipeline to date, showcasing that their superior unit economics generate sustained franchisee demand. The network generated $899 million in sales, and European Wax Center revenue increased 16% to $207 million. In addition, they continued to drive strong Wax Pass sales to guests, which underscores the commitment guests have to their waxing routines, engenders brand loyalty and generates predictable visit frequency in-center.

"European Wax Center is honored to be recognized as one of the fastest growing franchises by Entrepreneur, the premier source for business," said David Berg, CEO of European Wax Center. "We surpassed the financial goals we set for ourselves in 2022, which demonstrates the stability of the European Wax Center model in a dynamic environment. We thank our franchisees who are committed to growing with us, and we look forward to extending our position as the leader in out-of-home waxing."

The Fastest-Growing Franchises ranking system is based on information submitted to Entrepreneur for its annual Franchise 500® and is part of the brand's continuing effort to best understand and evaluate the ever-changing franchise marketplace. The ranking appears in the March/April 2023 issue of Entrepreneur. Franchise companies are ranked based on their net U.S. and Canada franchise unit growth from July 31, 2021, to July 31, 2022. (Ties are broken based on percentage growth.)

"Our 2023 Fastest-Growing Franchises ranking recognizes the franchise brands with the greatest growth but also highlights the extraordinary momentum in the industry over the past year. After all, growth is what franchising is all about," said Entrepreneur Senior Vice President of Franchising Liane Caruso.

The growth that European Wax Center continues to experience year-over-year and its position in the Fastest-Growing Franchises ranking is a tribute to the hard work and dedication of the entire company including all the franchises.

To view European Wax Center in the 2023 Fastest-Growing Franchises list, pick up the March/April issue of Entrepreneur magazine, on newsstands on March 7th, or visit https://www.entrepreneur.com/franchises/fastestgrowing. To find a European Wax Center near you, go to waxcenter.com.

About European Wax Center, Inc.

European Wax Center, Inc. (NASDAQ: EWCZ) is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 22 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. In 2022 its network of 944 centers in 45 states generated sales of nearly $900 million. For more information, including how to receive your first wax free, please visit: https://waxcenter.com.

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SOURCE European Wax Center

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the ranking of 30 out of 1,321 represent for European Wax Center?

It signifies that European Wax Center was recognized as one of the Fastest-Growing Franchises by Entrepreneur for franchise unit growth during the specified period.

How many new centers did European Wax Center open in 2022?

European Wax Center opened 91 net new centers in 2022.

What was European Wax Center's total revenue for 2022?

European Wax Center reported a total revenue of $207 million for 2022.

In which issue of Entrepreneur is the ranking of European Wax Center featured?

The ranking will be highlighted in the March/April 2023 issue of Entrepreneur.

What is the stock symbol for European Wax Center?

The stock symbol for European Wax Center is EWCZ.