European Wax Center Business Summary

European Wax Center, Inc. (EWCZ) is the preeminent franchisor and operator of out-of-home waxing services in the United States, employing an asset-light business model focused on recurring revenue streams. The company generates revenue through three core segments: royalty and marketing fees (6% and 3% of franchisee gross sales, respectively), wholesale distribution of its proprietary "Comfort Wax" and retail skincare products, and service revenue from corporate-owned locations. Central to its unit economics is the "Wax Pass" subscription program, which drives approximately 60% of guest visits and ensures high customer lifetime value. EWCZ competes directly with specialized brands like Waxing the City, Radiant Waxing, and Sugaring NYC, as well as a fragmented market of independent salons. As of February 2026, EWCZ maintains a dominant market share with over 1,050 centers and is in the process of being taken private by General Atlantic in a $330 million transaction announced in early February. The company was founded in 2004 by David and Joshua Coba and is currently led by CEO and Chairman Chris Morris, a consumer industry veteran with a pedigree from Dave & Buster’s and California Pizza Kitchen. The leadership team includes CFO Thomas Kim, who brings financial transformation expertise from Brinks Home and Smoothie King, and COO Angela Jaskolski, who manages franchise operations and development. Strategic growth is further supported by Chief Commercial Officer Katie Mullen, formerly of JCPenney, and Chief Information and Digital Officer Chris Andrews, who oversees the brand's technology and omnichannel initiatives. The firm’s board and strategic trajectory are closely tied to General Atlantic, its long-term institutional partner and lead investor in the 2026 take-private deal, with Alexa Bartlett serving as a key board representative.