Madison Reed plans to operate a total of 600 stores by 2024, including 500 franchised locations and 100 company-owned locations. That would represent a significant increase from its current count of nine physical stores. The brand plans to start selling franchises beginning in November, according to Forbes.
The company sees the franchise model as a way to expand quickly without large capital investment. Madison Reed has tapped Franworth to handle franchisee recruitment, real estate negotiations and construction. Franchisers will pay approximately $350,000 along with an initial franchise fee and a royalty fee to Madison Reed.
Madison Reed will continue to sell its hair kits online, at its own stores and in all 1,200 Ulta Beauty stores.
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“We just want to serve you wherever you want to be served,” said Amy Errett, CEO of Madison Reed in a statement. “We’re not going to push you to sit down in the chair to have a service if you don’t want that. We’re not going to force you to do it at home if you don’t want that.”
