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.
“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.”