European Wax Center (NASDAQ: EWCZ) is a personal care franchising company that operates a national network of out-of-home waxing centers across the United States. Revenue comes primarily from royalties and fees paid by franchisees, supplemented by sales at five corporate-owned centers and retail product sales. As of January 3, 2026, the system included 1,047 centers across 44 states, with 1,042 franchised locations operated by 172 franchisees, making it the largest dedicated out-of-home waxing provider in the United States by center count. The franchise base is concentrated, with 120 of those 172 franchisees operating more than one center as of that date. Guest retention is driven by the Wax Pass prepaid membership program and the EWC Rewards loyalty program. Centers typically run 1,200 to 1,600 square feet with six to seven private wax suites. On February 9, 2026, the company entered into a merger agreement with Glow Midco, LLC, an affiliate of General Atlantic, the company's largest stockholder.

Revenue model

Franchise royalties and fees from 1,042 franchised centers form the primary revenue base, with additional revenue from five corporate-owned centers and in-center retail product sales. The Wax Pass prepaid program generates deferred revenue recognized as guests redeem services.

Products and services

Out-of-home body waxing services delivered in private suites by trained wax specialists. The Wax Pass is a prepaid, portable membership redeemable across all network locations. EWC Rewards is a loyalty program. Retail skincare and waxing-related products are sold at an in-center sample bar. Franchisees receive access to brand standards, a six-day wax specialist training program, hygiene protocols, in-suite technology for guest insights, and mobile self-check-in infrastructure.

Customers and end markets

End consumers seeking recurring out-of-home body waxing services. The company characterizes many guests as treating waxing as largely non-discretionary. Core guests are Wax Pass holders and routine visitors, who visit more frequently and carry higher retention rates. Franchisees are the direct commercial customers of the franchisor model.

Value-chain role

Franchisor and brand licensor. The company sets brand standards, training requirements, hygiene protocols, and technology infrastructure, then licenses these to franchisees who own and operate individual centers. Five centers are corporate-operated directly.

Geographic exposure

United States only. 1,047 centers across 44 states as of January 3, 2026.

Source: SEC 10-K, filed 2026-03-04

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