Review of the Naples Wax Center Acquisition with CEO Scott Milford and Director of Development Brandon Stewart
XWELL’s recently acquired Naples Wax Center business provides the company with a tested platform to grow its business outside of the airport. The business focuses on hair removal services in three locations. Management sees room to grow locations (possibly eight to 10 additional locations in the next 12 to 18 months) and the offering beyond hair removal by adding other skin care services (e.g. facials and Botox treatments). Naples Wax Center has an attractive recurring revenue model whereby more than 75% of its customers purchase packages of multiple sessions, strengthening the relationship between the company and its customers and giving Naples Wax Center visibility and multiple opportunities to market additional services. XWELL continues to explore other opportunities outside of the airport, namely other potential acquisitions, and the possibility to develop the Treat brand into a platform for independent wellness providers. The company is also considering locations outside of airports for its XpresSpa stores, such as major railway stations in the US and overseas. Management continues to work hard to reduce the company’s overall expense structure and drive the business toward break-even and then profitability. Even after the Naples Wax Center acquisition, the company still has a strong balance sheet that should allow it to invest in its growth initiatives until the business starts generating positive cash flow. This report contains a transcript of the fireside chat with CEO Scott Milford and Director of Development Brandon Stewart from October 4, 2023, which can be accessed on demand in our full report.
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