European Wax Center franchise
A franchisee operates a single retail waxing studio of roughly 1,000-1,600 square feet with five or six waxing suites, providing facial and body hair removal and related skin care services and selling branded skin care products.
Manager-run permitted Disclosed
- Source
- 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center)
- Document
- FDD 2026, issued 2026-04-23, amended 2026-05-19
- Item
- Item 15 — Item 15
- Page
- PDF p. 61
- Obtained
- Wisconsin Department of Financial Institutions — Franchise Registration Search, file 641625
The Franchised Center must always be under the direct, full-time, and daily supervision of a dedicated center manager.
The center must be under the direct, full-time, daily supervision of a dedicated Center Manager who has completed the initial training program; the manager need not hold any ownership. An entity franchisee employs a manager. If the franchisee is an individual, the franchisor may require that person to serve as Center Manager and consent is needed to substitute someone else. If no manager is in place, the franchisor may install one at the franchisee's cost.
What stands out
- Total initial investment of $331,600 to $776,950 for a leased 1,400-square-foot center; the low figure uses the $36,000 existing-franchisee fee, while a new franchisee's Franchise Fee is $45,000.
- Ongoing fees are 6% of gross sales royalty plus a 3% marketing fund contribution that already includes the former local advertising obligation, plus $310 a month technology and $275 a month SEO/SEM.
- Item 19 discloses fiscal 2025 gross sales only: $902,437 average across 1,028 centers open all year, $1,024,725 for the 724 mature centers, with quartile averages from $1,428,602 to $475,545 and only 43.7% of centers above the average.
6 more observations
- No cost, margin or earnings data appears in Item 19, so profitability cannot be assessed from the document.
- Franchised outlets fell from 1,062 to 1,042 in fiscal 2025 — 12 openings against 32 closures — after 107 openings in 2023; 17 new franchised openings are projected for fiscal 2026 with 47 signed agreements not yet open.
- All 59 franchised exits in 2023-2025 are recorded as ceased operations for other reasons; no terminations, non-renewals or reacquisitions are reported.
- Products, wax, POS and SEO/SEM must be bought from the franchisor, its affiliate or designated suppliers; the franchisor estimates 25% to 30% of ongoing expenditure is captive, and its affiliate pays it 5% of wholesale and 11% of retail product sales.
- Ten-year initial term with one ten-year successor option for a $5,000 fee; disputes are arbitrated individually in Collin County, Texas, and owners of 5% or more sign unlimited guaranties with spousal joinders.
- The protected territory is not exclusive and is only mapped after the franchisor accepts the lease for an approved site.
Things to verify
- Ask the franchisor to substantiate the Item 19 'All Reporting Centers' median of $1,123,886, which as printed is higher than the $902,437 average for the same 1,028 centers.
- Ask why 32 centers closed in fiscal 2025 against 12 openings, and what the 20 closures in 2024 and 7 in 2023 had in common.
- Ask why every outlet exit is classified as 'ceased operations — other reasons' with no terminations or non-renewals recorded.
6 more questions
- Item 20 states that some current and former franchisees signed confidentiality clauses in dispute settlements; ask how many, and seek out franchisees who are free to speak.
- Request a unit-economics model: Item 19 gives gross sales only, so build royalty, marketing, rent, payroll and product costs yourself before judging returns.
- Confirm the size and shape of the protected territory in the Location Letter before signing a lease, since it is not fixed until the franchisor accepts the lease terms.
- Ask what remodeling or System modification spending the franchisor expects during the ten-year term and as a condition of the successor term.
- No minimum liquidity or net worth is stated in the FDD; ask what the franchisor applies in practice when approving candidates.
- Check the state addendum for your state on the Texas arbitration venue, class action waiver and general release requirements.
Category cost placeholders, not a forecast. This snapshot uses the default inputs; the calculator below updates when you edit them.
Evidence confidence: High. This describes source support, not investment quality. AI-extracted and machine-verified where stated; no human line-by-line review. Source and review record.
Read the full research overview
European Wax Center franchisees operate a single retail waxing studio of roughly 1,000 to 1,600 square feet with five or six waxing suites, offering facial and body hair removal and related skin care services and reselling the brand's products. The franchisor, EWC Franchisor LLC of Plano, Texas, is a securitization entity that has never operated a center itself; predecessors have franchised the concept since 2006, and ultimate parent European Wax Center, Inc. was taken private by General Atlantic in May 2026.
Item 7 puts the total initial investment at $331,600 to $776,950 for a leased site, with the low end reflecting the $36,000 Franchise Fee available to existing franchisees; a new franchisee pays a $45,000 Franchise Fee. Leasehold improvements ($147,000 to $386,000) dominate the range, and the estimate includes three months of additional funds and at least $12,000 of grand opening advertising. Ongoing charges are 6% of gross sales in royalties, 3% to the marketing fund (which absorbed the former 2% local advertising obligation in 2016), a $310 monthly technology and security fee, $275 a month for mandatory SEO and SEM, and product purchases from affiliate EWC Distributor LLC, which pays the franchisor 5% of wholesale and 11% of retail sales.
Item 19 reports fiscal 2025 gross sales for the 1,028 franchised centers open the entire year: an average of $902,437, a mature-center (60+ months) average of $1,024,725, quartile averages from $1,428,602 down to $475,545, and a range of $135,136 to $2,420,856. Only 43.7% of centers reached the average. No costs, margins or profit figures are disclosed, and the 12 centers that opened, 2 that relocated and 32 that closed during the year are excluded. The printed 'All Reporting Centers' median of $1,123,886 exceeds the average for the same group, which the document does not explain.
Item 20 shows a system that grew then contracted: 107 franchised openings in 2023, 43 in 2024, and 12 in 2025 against 7, 20 and 32 closures, taking franchised outlets from 938 to 1,042 but with a net loss of 20 in fiscal 2025; company-owned centers went from 6 to 5. No terminations or non-renewals are reported, and 175 transfers occurred over three years. Item 3 lists six matters, including a pending franchisee suit in Michigan and a settled website privacy class action against the parent capped at $5,000,000. Disputes go to arbitration in Collin County, Texas, on an individual basis, and owners of 5% or more give unlimited personal guaranties with spousal joinders.
View ratings and their supporting evidence
Transparent ratings
How these are computedEach dimension is scored 1–5 from published formulas. Missing data yields “Not enough evidence to rate”, never a low score. There is no composite score by design.
How the system has performed, computed from the disclosed Items 7, 19 and 20. Figures a documented material source inconsistency puts in doubt are excluded, and the dimension shows “Not rated”.
Inputs
- Franchised outlets 938 → 1042 (Item 20, Table 3)
- Thresholds: ≥15% → 5; 5–15% → 4; 0–5% → 3; −5–0% → 2; below −5% → 1
Inputs
- Attrition = (terminations + non-renewals + reacquisitions + ceased-other) ÷ start-of-year franchised units, averaged over 3 fiscal years
- Thresholds: <2% → 5; 2–4% → 4; 4–6% → 3; 6–10% → 2; >10% → 1
Inputs
- AUV $902,437 (disclosed) ÷ midpoint investment $554,275 = 1.63×
- Thresholds: ≥2.0 → 5; 1.5–2.0 → 4; 1.0–1.5 → 3; 0.7–1.0 → 2; <0.7 → 1
How much this brand’s FDD discloses, and how well-supported our data on it is. This measures transparency, not business performance — a strong business that discloses little scores low here and stays unrated above.
Inputs
- Item 19 present (+1)
- Average plus median or a distribution (+1)
- Population 99% of franchised units, clearly described (+1)
- Multi-year or cohort data (+1)
- Franchisor Track Record
- Franchising 20 years (since 2006) · 1,047 outlets · Item 3: 6 matter(s) disclosed · Item 4: none disclosed
- Multi-Unit Scalability
- A Multi-Unit Development Agreement is available for three or more centers in a mutually agreed Development Territory. The Development Fee runs $72,000 to $20… · Manager-run permitted
- Operational Intensity
- Manager-run permitted
Initial investment
FDD Items 5 and 7Format shown: Single Franchised Center under one Franchise Agreement, in leased retail space of about 1,400 square feet
$331,600–$776,950 total initial investment. Excludes real estate purchase. Includes 3 months of additional funds.
View full investment breakdown — Items 5 & 7
| Initial franchise fee (the named Item 5 fee only) | $45,000 Disclosed
Existing-franchisee groups (majority ownership already holding other EWC locations) pay a reduced $36,000 fee; that is not the new-franchisee rate. |
|---|---|
| Other required initial payments to the franchisor (Item 5) |
|
| Total Item 5 payments to franchisor/affiliates | $63,000 Derived
$66,000 Derived
|
| Total initial investment — low | $331,600 Disclosed
The low column of the Item 7 table uses the $36,000 existing-franchisee Franchise Fee. Substituting the $45,000 new-franchisee fee gives $340,600 by our arithmetic. |
| Total initial investment — high | $776,950 Disclosed
Matches the total investment range stated on the FDD cover page. |
| Midpoint of range | $554,275 Derived
|
| Real estate purchase included? | No — assumes a leased site |
| Additional funds assumed | 3 months |
| Required liquid capital | Not disclosed in the reviewed source Not disclosedNot disclosed in the reviewed source. We did not find this value in 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center); we do not fill gaps with estimates or third-party figures. The cover page, Item 1, Item 5 and Item 7 state no minimum liquid capital requirement. Item 5 mentions the liquidity of an existing franchisee as one factor in granting additional franchises, without naming a figure. |
| Required net worth | Not disclosed in the reviewed source Not disclosedNot disclosed in the reviewed source. We did not find this value in 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center); we do not fill gaps with estimates or third-party figures. No minimum net worth for franchisee candidates is stated in the reviewed source. |
The Item 7 table assumes a leased site of about 1,400 square feet; all franchisees currently lease, and no purchase or construction of real estate is assumed. Figures exclude sales and use taxes and delivery charges, and the franchisor finances no part of the investment. Additional Funds cover three months, including three months of rent beyond the first month shown in the Real Estate line. A second Item 7 table covers the Multi-Unit Development Agreement, where the Development Fee of $72,000-$207,000 (low assumes an existing franchisee committing to three centers; high assumes a new franchisee committing to ten or more) replaces the single Franchise Fee, giving a total of $367,600-$938,950 for the development rights plus the first center.
Item 7 line items (20)
| Expenditure | Low | High |
|---|---|---|
| Franchise Fee — $36,000 existing franchisee / $45,000 new franchisee. | $36,000 | $45,000 |
| Start-up Package — Opening inventory of products and supplies purchased from the franchisor or its affiliate; excludes taxes and delivery. | $18,000 | $21,000 |
| IT Platform Set-up Fee | $0 | $350 |
| Start-up Marketing Package — New Center Launch Kit of posters and collateral. | $3,500 | $6,000 |
| Real Estate/Rent — Low estimate assumes first month's rent only, no security deposit, about 1,400 sq ft; three further months of rent sit in Additional Funds. | $6,700 | $10,000 |
| Utility Deposits | $0 | $500 |
| Leasehold Improvements — Assumes a partial landlord build-out allowance. | $147,000 | $386,000 |
| Architectural and Engineering Fees | $6,000 | $18,000 |
| Furniture, Fixtures & Equipment | $18,000 | $74,000 |
| POS System; other computer, telephone and surveillance systems; network security; installation — POS uses cloud software licensed from Zenoti. | $11,000 | $41,000 |
| Insurance | $5,000 | $10,000 |
| Office Supplies | $400 | $600 |
| Additional Equipment and Supplies | $5,000 | $10,000 |
| Training Expenses — Travel, meals and lodging; the initial training program itself is covered by the Franchise Fee for a first center. | $5,000 | $7,500 |
| Signage and Digital Displays — Franchisor is moving from printed posters to wall-mounted screens; estimates may not reflect that hardware. | $6,000 | $23,000 |
| Grand Opening Advertising — At least $12,000 must be spent over the three months before and three months after opening. | $12,000 | $35,000 |
| Licenses & Permits | $1,000 | $2,000 |
| Legal & Accounting | $6,000 | $12,000 |
| Additional Funds (3 months) — Franchisor encourages at least a three-month cash reserve and notes some franchisees hold six to twelve months. | $45,000 | $75,000 |
| TOTAL | $331,600 | $776,950 |
Source for every row: the Item 7 estimated-initial-investment table of 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center) (table begins PDF p. 27) — rows inherit the table's citation rather than carrying fifteen identical ones.
Other formats disclosed in Item 7 (1)
| Format | Low | High | Fee |
|---|---|---|---|
| Multi-Unit Development Agreement (Development Fee plus first Franchised Center) | $367,600 | $938,950 | — |
Ongoing fees
FDD Item 6Royalty
6% of gross sales Disclosed
- Source
- 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center)
- Document
- FDD 2026, issued 2026-04-23, amended 2026-05-19
- Item
- Item 6 — Other Fees table — Royalty Fee
- Page
- PDF p. 20
- Obtained
- Wisconsin Department of Financial Institutions — Franchise Registration Search, file 641625
6.00% of Gross Sales.
Currently collected weekly; the franchisor may change the frequency. Gross Sales excludes refunds, sales taxes, supplier rebates, resale proceeds of pre-packaged branded goods bought from the franchisor, and amounts collected for the franchisor. A franchisee that does not complete successor-term conditions on time and enters a cure period may pay 150% of the standard rate for the first 90 days and 200% for the second 90 days. The franchisor may waive, defer or reduce royalties, including for multi-unit developers.
Brand advertising fund
3% of gross sales Disclosed
- Source
- 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center)
- Document
- FDD 2026, issued 2026-04-23, amended 2026-05-19
- Item
- Item 6 — Other Fees table — Marketing Fund Contribution
- Page
- PDF p. 20
- Obtained
- Wisconsin Department of Financial Institutions — Franchise Registration Search, file 641625
3.00% of Gross Sales.
Paid monthly to affiliate EWC MFund, LLC. In 2016 the franchisor merged the former 1% national marketing fund contribution and the 2% local advertising obligation into this single 3% obligation, so the 3% is the whole recurring marketing charge for a new franchisee. The same 150%/200% cure-period escalation that applies to royalties applies here.
Local marketing
0% of gross sales Disclosed
- Source
- 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center)
- Document
- FDD 2026, issued 2026-04-23, amended 2026-05-19
- Item
- Item 11 — Local Advertising/Cooperative Advertising and National Marketing Fund
- Page
- PDF p. 44
- Obtained
- Wisconsin Department of Financial Institutions — Franchise Registration Search, file 641625
No separate ongoing local advertising spend is required of a franchisee signing today: Item 11 states the historical 2% local advertising obligation was combined with the 1% national fund into the single 3% marketing fund obligation in 2016. Franchisees who bought before that change may still pay 1% plus 2% separately. Separately, Item 7 requires at least $12,000 of grand opening advertising in the six months around opening.
Core requirements shown separately; caps, credits and conditions may overlap. Check the full schedule for technology, cooperative, transfer and other charges.
View all recurring fees and conditions
| Royalty | 6% of gross sales Disclosed
Currently collected weekly; the franchisor may change the frequency. Gross Sales excludes refunds, sales taxes, supplier rebates, resale proceeds of pre-packaged branded goods bought from the franchisor, and amounts collected for the franchisor. A franchisee that does not complete successor-term conditions on time and enters a cure period may pay 150% of the standard rate for the first 90 days and 200% for the second 90 days. The franchisor may waive, defer or reduce royalties, including for multi-unit developers. Currently collected weekly; the franchisor may change the frequency. Gross Sales excludes refunds, sales taxes, supplier rebates, resale proceeds of pre-packaged branded goods bought from the franchisor, and amounts collected for the franchisor. A franchisee that does not complete successor-term conditions on time and enters a cure period may pay 150% of the standard rate for the first 90 days and 200% for the second 90 days. The franchisor may waive, defer or reduce royalties, including for multi-unit developers. |
|---|---|
| Advertising / brand fund | 3% of gross sales Disclosed
Paid monthly to affiliate EWC MFund, LLC. In 2016 the franchisor merged the former 1% national marketing fund contribution and the 2% local advertising obligation into this single 3% obligation, so the 3% is the whole recurring marketing charge for a new franchisee. The same 150%/200% cure-period escalation that applies to royalties applies here. Paid monthly to affiliate EWC MFund, LLC. In 2016 the franchisor merged the former 1% national marketing fund contribution and the 2% local advertising obligation into this single 3% obligation, so the 3% is the whole recurring marketing charge for a new franchisee. The same 150%/200% cure-period escalation that applies to royalties applies here. |
| Required local marketing | 0% of gross sales Disclosed
No separate ongoing local advertising spend is required of a franchisee signing today: Item 11 states the historical 2% local advertising obligation was combined with the 1% national fund into the single 3% marketing fund obligation in 2016. Franchisees who bought before that change may still pay 1% plus 2% separately. Separately, Item 7 requires at least $12,000 of grand opening advertising in the six months around opening. No separate ongoing local advertising spend is required of a franchisee signing today: Item 11 states the historical 2% local advertising obligation was combined with the 1% national fund into the single 3% marketing fund obligation in 2016. Franchisees who bought before that change may still pay 1% plus 2% separately. Separately, Item 7 requires at least $12,000 of grand opening advertising in the six months around opening. |
| Technology / software | $310/month Disclosed
Paid to the franchisor and subject to annual change; covers the IT platform described in Item 11. A separate mandatory SEO/SEM charge of $275 per month and a $100 annual IT network/cyber security insurance fee are also payable to the franchisor, and Zenoti may charge a POS set-up fee at opening. Paid to the franchisor and subject to annual change; covers the IT platform described in Item 11. A separate mandatory SEO/SEM charge of $275 per month and a $100 annual IT network/cyber security insurance fee are also payable to the franchisor, and Zenoti may charge a POS set-up fee at opening. |
| Advertising cooperative | 0% of gross sales Disclosed
A U.S. advertising co-op created in 2012 is administered by affiliate EWC Co-Op Fund, but for franchisees signing after the 2016 consolidation the co-op contribution sits inside the 3% marketing fund obligation rather than being charged on top. Item 6 lists no separate co-op line. Pre-2016 franchisees may still contribute 2% of gross sales to the co-op. A U.S. advertising co-op created in 2012 is administered by affiliate EWC Co-Op Fund, but for franchisees signing after the 2016 consolidation the co-op contribution sits inside the 3% marketing fund obligation rather than being charged on top. Item 6 lists no separate co-op line. Pre-2016 franchisees may still contribute 2% of gross sales to the co-op. |
| Transfer fee | $9,000 one-time Disclosed
20% of the then-current Franchise Fee, currently $9,000 for new franchisees and $7,200 for existing franchisees, for an unaffiliated transfer. A $1,000 non-refundable processing fee accompanies each transfer request and is credited against the transfer fee if the transfer closes. Reduced fees apply to affiliated transfers: $2,500 to another entity the franchisee controls and $1,500 for a change of ownership below 50%; changes above 50% pay a prorated share of the standard fee. Under a Development Agreement, 20% of the then-current Franchise Fee applies for each center still to be developed. 20% of the then-current Franchise Fee, currently $9,000 for new franchisees and $7,200 for existing franchisees, for an unaffiliated transfer. A $1,000 non-refundable processing fee accompanies each transfer request and is credited against the transfer fee if the transfer closes. Reduced fees apply to affiliated transfers: $2,500 to another entity the franchisee controls and $1,500 for a change of ownership below 50%; changes above 50% pay a prorated share of the standard fee. Under a Development Agreement, 20% of the then-current Franchise Fee applies for each center still to be developed. |
| Renewal fee | $5,000 one-time Disclosed
Successor Term Fee payable on signing the successor Franchise Agreement for a second ten-year term; franchisees who signed before the fee was introduced in 2016 may not owe it. An option for a third ten-year term costs 50% of the then-current Franchise Fee, payable when the second-term successor agreement is signed. Successor Term Fee payable on signing the successor Franchise Agreement for a second ten-year term; franchisees who signed before the fee was introduced in 2016 may not owe it. An option for a third ten-year term costs 50% of the then-current Franchise Fee, payable when the second-term successor agreement is signed. |
| Royalty + ad fund (% of sales) | 9% Derived
|
Fee schedule (36 fees; 23 verified against the source, 13 single-pass)
Every recurring, conditional and one-time fee found in this FDD's Item 6 table (plus mandatory recurring costs disclosed in Items 7/11), each cited to its page and carrying its verification status: verified means two independent readings agreed or a tie-break re-inspection of the page decided it; single-pass means one reading captured it and it has not been independently confirmed (permitted only for fees that cannot move modeled economics — see the materiality rule). Amounts marked “not stated” are charged at then-current rates the FDD does not quantify and are never modeled as $0.
| Fee | Amount | Frequency | Mandatory | Verification | Cite | Notes |
|---|---|---|---|---|---|---|
| Royalty Fee | 6% of gross sales | weekly | Yes | verified (2-pass) | Item 6, p. 20 | 150% of standard rate for the first 90 days of a successor-term cure period, 200% for the next 90 days. Franchisor may change collection frequency at will. |
| Marketing Fund Contribution | 3% of gross sales | monthly | Yes | verified (2-pass) | Item 6, p. 20 | 150%/200% cure-period escalation, same structure as the Royalty Fee. Paid directly to affiliate EWC MFund, LLC; capped at 3% of gross sales during the Initial Term. Combines the pre-2016 1% national fund + 2% local advertising obligation for post-2016 franchisees. |
| Local Advertising Obligation (historical) | 0%–2% of gross sales | monthly | No | verified (tie-break) | Item 11, p. 44 | Applies only to franchisees who signed before the 2016 consolidation. Item 11 (p.44) and Item 6 Note B (p.24) both state the former 1% marketing fund contribution and 2% local advertising obligation were merged into a single 3% obligation in 2016. Item 6's fee table has no local-advertising line. Kept at value 0 with overlaps_with -> marketing-fund-contribution so the 3% is counted once. |
| Cooperative Advertising (U.S. co-op) | 0%–2% of gross sales | monthly | No | verified (tie-break) | Item 11, p. 44 | Co-op created September 2012, administered by affiliate EWC Co-Op Fund. The co-op is funded out of the same 2% local advertising obligation, so it is a component of - not an addition to - local-advertising-obligation and the 3% marketing fund. Item 6 lists no co-op line item. |
| IT Network/Cyber Security Insurance Fee | $100 | annual | Yes | verified (2-pass) | Item 6, p. 20 | Franchisor-procured coverage for franchisor and franchisees; franchisor may cancel the program at any time. |
| Technology & Security Fee | $310 | monthly | Yes | verified (2-pass) | Item 6, p. 20 | Covers the IT Platform described in Item 11; subject to annual change. |
| POS System | $360 | monthly | Yes | verified (tie-break) | Item 11, p. 47 | Verified in the Item 11 chart on PDF p.47, introduced by 'The following additional fees will apply on an ongoing basis in connection with the use of the IT Platform.' Item 11 also states each franchisee must obtain a Zenoti license, so it is mandatory. It is NOT listed in the Item 6 Other Fees table - a genuine gap in Item 6's schedule, so Pass A is right to carry it. |
| Network Firewall License Fee | $1,000 (min $500/annual) | varies | Yes | verified (tie-break) | Item 11, p. 47 | Verified on PDF p.47. The chart's own description resolves the ambiguity in the word 'biannually': it is once every two years, not twice a year. Not listed in the Item 6 Other Fees table. Calculator audit 2026-09-03: Frequency 'varies' cannot be annualized by the engine even though amount_type is 'fixed' and a value is disclosed, so this mandatory, material, verified fee was silently excluded instead of modeled at the ~$500/yr the model_note already intends; an explicit `minimum` (annual period) seeds it correctly. (p. 47; "Network Firewall License Fee $1,000.00 biannually ... Fees are paid biannually, ") |
| Local SEO/SEM Program Fee | $275 | monthly | Yes | verified (2-pass) | Item 6, p. 23 | |
| Audit Expenses | Not stated | per event | No | single-pass | Item 6, p. 20 | [Listed by one verification pass only (A); not independently confirmed.] Payable only if an audit shows the franchisee underreported amounts owed by 3% or more; amount is actual auditor cost, not estimable. |
| Late Fees | 1.5% of other | monthly | No | verified (tie-break) | Item 6, p. 20 | Only on overdue fees, and on any understatement revealed by an audit. Verified in Item 6 on PDF p.20. Pass A's range_high of 18 is corrected to null: 18% is the annualised restatement of the same 1.50% monthly rate, not the top of a 1.5-18 range. |
| Electronic Depository Transfer Account Fees | Tiered (base $50) | per event | No | verified (tie-break) | Item 6, p. 20 | Charged only on a denied withdrawal or an account change. Verified in Item 6 on PDF p.20. Pass A's amounts are right; tiers are populated here so the $50/$250/$100 structure is machine-readable. |
| Approval of Products or Suppliers | Not stated | per event | No | single-pass | Item 6, p. 20 | [Listed by one verification pass only (A); not independently confirmed.] Only arises if the franchisee requests approval of a new supplier or product. |
| Insurance Policies (franchisor-obtained on default) | Not stated | per event | No | single-pass | Item 6, p. 20 | [Listed by one verification pass only (A); not independently confirmed.] Only if the franchisee fails to maintain required insurance and franchisor obtains coverage on its behalf. |
| Breaches/Self Help | Not stated | per event | No | single-pass | Item 6, p. 20 | [Listed by one verification pass only (A); not independently confirmed.] Franchisor may cure a franchisee's brand-damaging default and charge cost + up to 10% overhead. |
| Administrative Fee | $500 | per event | No | single-pass | Item 6, p. 21 | [Listed by one verification pass only (A); not independently confirmed.] For failing to comply with a System standard/specification or Development Agreement opening requirements; first occurrence in a 12-month period may be waived. |
| Transfer Fee / Transfer Processing Fee | 20% of not applicable | one time | No | single-pass | Item 6, p. 21 | [Listed by one verification pass only (A); not independently confirmed.] |
| System Modifications | Not stated | varies | Conditional | single-pass | Item 6, p. 21 | [Listed by one verification pass only (A); not independently confirmed.] Triggered whenever franchisor updates the System (new equipment, fixtures, software, Marks); unavoidable over time but not a fixed periodic charge. |
| Customer Service Fee | Not stated | per event | No | verified (tie-break) | Item 6, p. 21 | Only if the franchisor determines it must provide services directly to the franchisee's customers. Verified as a real Item 6 row on PDF p.21; Note F confirms 'You pay our actual costs only.' Pass B simply did not enumerate conditional rows. |
| Site Inspections | $1,000 | per event | No | single-pass | Item 6, p. 21 | [Listed by one verification pass only (A); not independently confirmed.] Pre-opening fee, only if additional inspections are needed after non-conforming site plans. |
| Conference/Ongoing Training Fee | $950 (min $950/annual) | varies | Yes | verified (2-pass) | Item 6, p. 22 | Franchisee and Center Manager must attend national conferences (roughly every 18 months, never more than annually) and pay admission; travel/lodging extra. Calculator audit 2026-09-03: Same 'varies'-frequency gap as the firewall fee: a disclosed, mandatory per-person ceiling with a stated maximum cadence (at most annually) was being silently excluded instead of seeded; a `minimum` fixes it without overstating for the unconfirmed second attendee. (p. 22; "Conference Fees: Up to $950.00 per person... they will occur no more frequently ") |
| Additional Launch Support | $7,500 | per event | No | verified (tie-break) | Item 6, p. 22 | Only when the franchisee requests launch or re-launch support; additional trainers cost a further $7,500 each. Verified as a real Item 6 row on PDF p.22; optional and request-driven, so mandatory=false is right. |
| Additional Training | $350 | per event | No | verified (tie-break) | Item 6, p. 22 | Only if initial training must be repeated, if training is requested for later centers, or if the franchisee alters training dates. Verified as a real Item 6 row on PDF p.22. Initial training for the first center is covered by the Franchise Fee, so this only bites on repeats or extra centers. |
| Additional Operations Assistance | $350 | per event | No | verified (tie-break) | Item 6, p. 22 | Only if the franchisee requests assistance beyond the opening assistance included in initial training. Verified as a real Item 6 row on PDF p.22, distinct from Additional Training (per trainer per day rather than per associate per day). |
| Fees Associated with Programs, Systems and Initiatives Developed for the System | Not stated | varies | Conditional | verified (tie-break) | Item 6, p. 22 | Franchisees must implement and participate in all such programs, but the programs themselves 'may be optional or required as we may determine' (Note H). Verified as a real Item 6 row on PDF p.22, with Note H explaining the open-ended pricing. mandatory left null because Item 6 and Note H point in opposite directions. |
| Breach of Privacy or Data Protection Laws | Not stated | per event | No | single-pass | Item 6, p. 23 | [Listed by one verification pass only (A); not independently confirmed.] Only if the franchisee fails to comply with data-protection laws. |
| Release of Mechanics' and Labor Liens | Not stated | per event | No | single-pass | Item 6, p. 23 | [Listed by one verification pass only (A); not independently confirmed.] Only if franchisor releases an existing contractor's lien on the franchisee's location. |
| Change of Designated Area Fee | $1,000 | per event | No | single-pass | Item 6, p. 23 | [Listed by one verification pass only (A); not independently confirmed.] Only if the franchisee requests, and franchisor approves, a change to the designated development area (pre-opening). |
| Relocation Assistance | Not stated | per event | No | single-pass | Item 6, p. 23 | [Listed by one verification pass only (A); not independently confirmed.] Only if the franchisee requests approval to relocate the Franchised Center. |
| Imagery Auto-Shipment Program | $300–$500 (min $300/monthly) | monthly | Yes | verified (tie-break) | Item 6, p. 23 | Orders are typically placed monthly; amounts vary with the services and frequency selected and the number of wax suites in the center. Verified in Item 6 on PDF p.23. amount_type resolved in favour of Pass B's 'variable': the Item 6 amount column states an actual-cost pass-through with a typical range, not a fixed charge. Calculator audit 2026-09-03: amount_type is 'variable', so the engine's requires_assumption seed logic (which only auto-seeds 'fixed' amount_type or a sales-basis percent) ignores the disclosed $300 value entirely without an explicit `minimum`; this mandatory, material, verified fee was being silently excluded despite the model_note's stated intent to model $300-$500/month. (p. 23; "Actual cost of Posters and Other Imagery Items, plus shipping and taxes. Ranges ") |
| Other Auto-Shipment Programs | $300–$2,500 | monthly | No | verified (tie-break) | Item 6, p. 24 | Item 6 does not state that every franchisee must enrol in every auto-shipment program, so universal application is not established. Verified in Item 6 on PDF p.24. Pass A and Pass B read identical amounts; Pass B's overlaps_with -> products-supplies is adopted because the charge is the cost of the products themselves. Calculator audit 2026-09-03: mandatory was null (ambiguous); Item 6 states no 'required'/'mandatory' language for this program (contrast the SEO/SEM row, which explicitly says 'currently mandatory for franchisees'), and the record's own note says universal application is not established — false is the correct, unambiguous value so a future minimum/seed on this line cannot silently double-count against product-purchase COGS. (p. 24; "Other Auto-Shipment Programs ... Actual costs of auto-shipped products, plus shi") |
| Successor Term Fee | $5,000 | one time | No | verified (2-pass) | Item 6, p. 24 | Paid once, if and when the franchisee exercises the option to renew for a second 10-year term; franchisees who signed before 2016 may be grandfathered out of this fee. |
| Additional Successor Term Option | 50% of not applicable | one time | No | single-pass | Item 6, p. 24 | [Listed by one verification pass only (A); not independently confirmed.] Optional purchase of a further (third) 10-year term option, priced at 50% of the then-current Franchise Fee. |
| Grand Opening Advertising | $12,000 (min $12,000) | one time | Yes | verified (tie-break) | Item 11, p. 44 | Must be spent over the three months before and the three months after the center commences operations; the franchisor approves materials and may require substantiation. Verified on PDF p.44. This is the only local-marketing spend actually required of a new franchisee, which is why /fees/local_marketing is 0% ongoing rather than silent. |
| Indemnification | Not stated | per event | No | verified (tie-break) | Item 6, p. 22 | Only on claims arising from the franchisee's development or operation of the center, or to cure the franchisee's lease defaults. A real Item 6 row on PDF p.22 that neither pass captured. |
| Clearing House Operations | Not stated | varies | Yes | verified (tie-break) | Item 6, p. 23 | Debited from the selling center and credited to the redeeming center; rewards points currently clear at $0.01 each. A real Item 6 row on PDF p.23 (Note I) that neither pass captured. The franchisee bears the redemption liability for items sold at its own center. |
Other Item 6 charges are cost-reimbursement or conditional: audit costs when an audit shows underreporting of 3% or more, insufficient-funds fees of $50 rising to $250 within a 12-month period and $100 to change bank accounts, supplier or product evaluation costs, insurance premiums the franchisor advances, self-help costs plus up to 10% overhead, System modification costs, customer service costs, $1,000 per repeat site inspection, up to $1,000 per change of designated area, relocation costs, indemnification, and clearing-house settlements for gift cards, wax passes and rewards points.
Financial performance (Item 19)
What the franchisor actually disclosedWho is represented: Gross Sales of the 1,028 franchised European Wax Center locations that were open and operating for the entire 2025 fiscal year, out of 1,042 franchise locations open as of January 3, 2026. Excluded are the 12 locations that first opened during fiscal 2025, the 2 that relocated during the year, and the 32 that ceased operating and permanently closed during the year. The franchisor's five company-owned centers are not included. The table also breaks the 1,028 into four quartiles of 257 centers each and reports a separate 'Mature Centers' column of 724 centers with 60 or more months in operation.
Qualifications: The table reports gross sales only — no costs, occupancy, payroll, royalties, marketing contributions, margins or earnings are disclosed, so nothing here indicates what a franchisee keeps. It covers only the 1,028 franchised centers open for the whole of fiscal 2025 and therefore excludes the 12 centers that opened during the year, the 2 that relocated, and the 32 that closed permanently during the year; excluding closures removes the weakest part of the year's experience from the average. Company-owned centers are not included. The spread is wide, from $135,136 to $2,420,856, and only 43.7% of centers reached the average. Gross Sales as defined excludes refunds, sales taxes, supplier rebates and resale proceeds of branded goods bought from the franchisor. The franchisor states results will differ and that written substantiation is available on request. The 'All Reporting Centers' median of $1,123,886 as printed exceeds the average for the same group and should be queried.
View full Item 19 disclosure and tables
Item 19 is a historical gross sales representation for fiscal 2025. It gives averages, medians, highs and lows for the 1,028 franchised centers open the entire year, split into four quartiles of 257 centers and a separate mature-center group of 724 centers open at least 60 months. The systemwide average was $902,437 and the mature-center average $1,024,725, but the quartile averages run from $1,428,602 down to $475,545, and fewer than half of centers reached the systemwide average. No cost, expense or profit information appears anywhere in Item 19, so the disclosure says nothing about profitability; a buyer must model royalties of 6%, marketing of 3%, rent, payroll and product costs separately.
| Metric | Subset | Value | Units | Period | Cite |
|---|---|---|---|---|---|
| Gross sales — all reporting franchised centers open the entire fiscal year 43.7% of units met or exceeded 449 of the 1,028 centers (43.7%) exceeded this average. | All Reporting Centers Average | $902,437 | 1,028 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — all reporting franchised centers, median As printed; higher than the reported average for the same population, which the FDD does not explain. | All Reporting Centers Median | $1,123,886 | 1,028 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — highest single reporting franchised center | All Reporting Centers High | $2,420,856 | 1,028 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — lowest single reporting franchised center | All Reporting Centers Low | $135,136 | 1,028 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — mature centers open 60 or more months 44.6% of units met or exceeded 323 of the 724 mature centers (44.6%) exceeded this average. Mature centers are 70.4% of the reporting population. | Mature Centers (60+ months in operation) Average | $1,024,725 | 724 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — mature centers open 60 or more months, median | Mature Centers (60+ months in operation) Median | $967,104 | 724 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — first (highest) quartile of reporting centers 40.5% of units met or exceeded Quartile range $1,124,103 to $2,420,856; median $1,375,183; 94.9% of these centers are mature. | 1st Quartile Quartile avg. | $1,428,602 | 257 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — second quartile of reporting centers 49.8% of units met or exceeded Quartile range $846,169 to $1,123,668; median $973,551; 87.5% mature. | 2nd Quartile Quartile avg. | $977,033 | 257 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — third quartile of reporting centers 49.8% of units met or exceeded Quartile range $620,419 to $842,699; median $728,468; 65.8% mature. | 3rd Quartile Quartile avg. | $728,567 | 257 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Gross sales — fourth (lowest) quartile of reporting centers 54.9% of units met or exceeded Quartile range $135,136 to $619,344; median $494,648; 33.5% mature. | 4th Quartile Quartile avg. | $475,545 | 257 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
| Share of reporting centers above the all-centers average gross sales 43.7% of units met or exceeded 449 centers of 1,028. | All Reporting Centers % of units | 43.7% | 1,028 | FY2025 (ended Jan 3, 2026) | FDD p.75 |
System health (Item 20)
Outlets, openings, exits and transfers by fiscal year · U.S. onlyView detailed Item 20 tables and source notes
| Fiscal year | Start | Opened | Terminated | Not renewed | Reacquired | Ceased — other | End | Transfers | Company-owned (end) |
|---|---|---|---|---|---|---|---|---|---|
| 2023 | 938 | 107 | 0 | 0 | 0 | 7 | 1,038 | 48 | 6 |
| 2024 | 1,038 | 43 | 0 | 0 | 0 | 20 | 1,062 | 76 | 5 |
| 2025 | 1,062 | 12 | 0 | 0 | 0 | 32 | 1,042 | 51 | 5 |
Disclosed 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center), Item 20, Tables 1–3 (PDF p. 76). Openings slowed sharply across the three years while closures rose: 107 franchised openings and 7 closures in 2023, 43 openings and 20 closures in 2024, then 12 openings and 32 closures in 2025 — the first net decline in the period, from 1,062 to 1,042 franchised outlets. No terminations, non-renewals or franchisor reacquisitions are reported in any year; every exit is recorded in the 'ceased operations — other reasons' column. Table No. 3's 2024 total ends at 1,062 rather than 1,061 because one former company-owned location was converted to a franchise that year, which also explains the company-owned count falling from 6 to 5. Transfers between franchisees were heavy relative to system size: 48, 76 and 51 over the three years. Item 20 also discloses that the franchisor has signed confidentiality clauses with certain current or former franchisees as part of dispute settlements, which may limit what those franchisees can say.
Source data notes (10) — inconsistencies found in the FDD itself during verification
Our verification re-reads every table. Where the FDD's own printed tables disagree, we document the discrepancy rather than silently "fixing" it. Classes: B = arithmetic error in the source's derived column; C = the printed tables genuinely disagree; D = a legitimate definitional difference (e.g., transfers netted, explained by a footnote); E = unresolved ambiguity. Figures a material C/E issue puts in doubt are excluded from our derived metrics, scores and rankings.
- [D/minor] Table No. 3 2024: Table No. 3 Totals row for FY2024 does not foot: 1,038 start + 43 opened - 0 terminations - 0 non-renewals - 0 reacquired - 20 ceased-other = 1,061, but the printed 'Outlets at End of the Year' is 1,062*. This is also the validator's only warning for this brand. — The asterisk on the 1,062 cell explains it: 'Includes one (1) former company-owned location, which was converted into a franchise location during 2024 (see Table No. 4)' (p.82). Table No. 4 corroborates it - the Texas row and the Total row both show 1 outlet 'Sold to Franchisee' in 2024, company-owned 6 -> 5. Table No. 1 corroborates the franchised total independently (1,038 -> 1,062, +24) and its Total Outlets row reconciles (1,062 + 5 = 1,067). Table No. 3 simply has no column for outlets acquired from the franchisor, so the movement is disclosed by footnote instead. FY2023 (938 + 107 - 7 = 1,038) and FY2025 (1,062 + 12 - 32 = 1,042) foot exactly. Keep end = 1,062.
- [D/minor] Table No. 3 / Item 19 2025: Table No. 3 FY2025 shows 12 opened and 32 ceased-other, matching the 12 newly-opened and 32 permanently-closed centers Item 19 excludes from its sales population; the 2 relocated centers Item 19 also excludes appear as neither an opening nor a closure in Table No. 3. — Legitimate definitional treatment: relocations are continuations of the same outlet, not a closure plus a reopening, so they correctly never touch Table No. 3's opened/ceased columns. No numbers change; Item 19's '1,042 total European Wax Center franchise locations open and operating' as of January 3, 2026 equals Table No. 3's FY2025 ending count and Table No. 1's 1,042.
- [C/material] Item 19 gross sales table (page 75): The All Reporting Centers Median Gross Sales of $1,123,886 cannot be the median of the same population the quartile columns describe. The 2nd quartile's Lowest Gross Sales is $846,169 and the 3rd quartile's Highest Gross Sales is $842,699, so the population median must sit at that boundary (about $843K-$846K). The printed median also exceeds the same column's mean of $902,437 and sits just $218 above the 2nd quartile's own Highest Gross Sales of $1,123,668, while the Mature Centers column is internally consistent (median $967,104 below mean $1,024,725). — Source-document inconsistency: the printed cells genuinely disagree. Quoting both - 'Median Gross Sales ... $1,123,886' (All Reporting Centers) against 'Highest Gross Sales ... $1,123,668' / 'Lowest Gross Sales ... $846,169' (2nd Quartile) and 'Highest Gross Sales ... $842,699' (3rd Quartile), all on p.75. The near-identity with the 2nd quartile's Highest figure suggests a mis-keyed cell in the FDD. Both passes transcribed $1,123,886 correctly, so this is not an extraction error and the value should stay as printed - but any display of the all-centers median must carry the caveat that the FDD's own quartile table implies roughly $843K-$846K. Do not silently substitute a computed figure.
- [D/minor] Table No. 3 / Item 3: Table No. 3 reports zero terminations and zero non-renewals in all three fiscal years; every franchised exit (7 in 2023, 20 in 2024, 32 in 2025 - 59 in total) is booked to 'Ceased Operations - Other Reasons.' Item 3 discloses a franchisee suit (EWC Michigan Management) arising from 'the expiration of the initial term of the franchise agreement, MMI's uncured defaults, and its failure to satisfy each of the conditions necessary to obtain a successor franchise' - a non-renewal in substance. — A definitional choice rather than an error in the totals: the franchisor sweeps closure, expiry and non-renewal exits into the residual column, so the mix across columns is not reliable but the exit count is. The FY2023 and FY2025 Totals rows foot exactly on these numbers and Table No. 1 corroborates every year-end franchised count, so total attrition (59 exits over three years) is sound. Present attrition as a total, and do not report 'zero terminations' or 'zero non-renewals' as a meaningful quality signal.
- [D/minor] Table No. 1 / Table No. 3 / Table No. 4: Cross-table check: franchised counts carry forward exactly (938 -> 1,038 -> 1,062 -> 1,042) between Table No. 1 and Table No. 3, company-owned counts carry forward exactly (6 -> 6 -> 5 -> 5) between Table No. 1 and Table No. 4, and Table No. 1's Total Outlets rows add (1,062 + 5 = 1,067 at FY2024 end; 1,042 + 5 = 1,047 at FY2025 end, matching the 'there were 1,047 European Wax Center locations in operation' note). — No discrepancy - this is corroboration. Verified on pp.76 and 82. The TOTAL rows the site uses are independently supported by two tables plus the Item 1 / Item 19 statements of 1,047 total and 1,042 franchised locations as of January 3, 2026.
- [D/minor] Table No. 1 2025: Formatting quirk: the FY2025 end-of-year figures are printed without thousands separators ('1042', '1047') while every other cell in Table No. 1 uses commas. — Cosmetic typesetting only; the values are unambiguous and agree with Table No. 3 (1,042 franchised) and with the chart note 'As of January 3, 2026, there were 1,047 European Wax Center locations in operation' (p.76). No extraction error - both passes read them correctly.
- [D/minor] Table No. 3 / Table No. 5: The system contracted in FY2025: net -20 franchised outlets, with openings falling 107 -> 43 -> 12 and closures rising 7 -> 20 -> 32. Table No. 5 projects only 17 new franchised openings in FY2026 against 47 franchise agreements signed but not yet opened, and zero company-owned openings. — Not an inconsistency - the figures were re-checked and are as printed (Table No. 3 Totals rows p.82; Table No. 5 Total row 47 / 17 / 0 and the accompanying sentence 'we projected the opening of approximately seventeen (17) new franchise European Wax Center locations and zero (0) Company Owned outlets during fiscal year 2026', p.83). The FDD itself notes franchisees may stagger openings, which explains part of the 47-vs-17 gap. Worth surfacing editorially, but it changes no number.
- [D/minor] Table No. 2: Transfer volumes are high relative to system size: 48 (FY2023), 76 (FY2024) and 51 (FY2025) - about 7% of franchised units in FY2024, with California alone at 27 in FY2024 and Florida at 16 in FY2025. — Not an inconsistency; the FY2024 (76) and FY2025 (51) Total rows were re-read and match. Table No. 2 counts transfers to new owners other than the franchisor and is definitionally separate from Table No. 3's outlet movements - a transferred outlet stays open and correctly appears in neither the opened nor the ceased columns, which is why the two tables need not reconcile.
- [D/minor] Item 19 / Table No. 3 2025: Item 19's '1,042 total European Wax Center franchise locations open and operating' as of January 3, 2026, and its reconciliation of 12 opened / 2 relocated / 32 closed during FY2025, against Table No. 3's FY2025 row. — No discrepancy - Item 19 independently corroborates the FY2025 TOTAL row the site uses (1,042 end, 12 opened, 32 ceased). This is the strongest external check on the unit figures in this FDD.
- [D/minor] Item 20 (all tables): Item 20 discloses no international outlets and no separate U.S. and international tables; all outlets are in the 50 states plus Washington D.C. — No discrepancy - confirms that the TOTAL rows used are U.S. totals, as the rules require. Table No. 3's state rows run Alabama to Wyoming plus Washington D.C., and Table No. 1's note counts 1,047 locations in operation overall.
Company-owned outlets (Table 4)
| Year | Start | Opened | Reacquired from franchisee | Closed | Sold to franchisee | End |
|---|---|---|---|---|---|---|
| 2023 | 6 | 0 | 0 | 0 | 0 | 6 |
| 2024 | 6 | 0 | 0 | 0 | 1 | 5 |
| 2025 | 5 | 0 | 0 | 0 | 0 | 5 |
Read: How to read Item 20.
Ownership and operations
Items 11, 12, 15, 17Manager-run permitted Disclosed
- Source
- 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center)
- Document
- FDD 2026, issued 2026-04-23, amended 2026-05-19
- Item
- Item 15 — Item 15
- Page
- PDF p. 61
- Obtained
- Wisconsin Department of Financial Institutions — Franchise Registration Search, file 641625
The Franchised Center must always be under the direct, full-time, and daily supervision of a dedicated center manager.
The center must be under the direct, full-time, daily supervision of a dedicated Center Manager who has completed the initial training program; the manager need not hold any ownership. An entity franchisee employs a manager. If the franchisee is an individual, the franchisor may require that person to serve as Center Manager and consent is needed to substitute someone else. If no manager is in place, the franchisor may install one at the franchisee's cost.
View operating requirements, territory and contract term
| Owner involvement (Item 15) | Manager-run permitted Disclosed
The center must be under the direct, full-time, daily supervision of a dedicated Center Manager who has completed the initial training program; the manager need not hold any ownership. An entity franchisee employs a manager. If the franchisee is an individual, the franchisor may require that person to serve as Center Manager and consent is needed to substitute someone else. If no manager is in place, the franchisor may install one at the franchisee's cost. The center must be under the direct, full-time, daily supervision of a dedicated Center Manager who has completed the initial training program; the manager need not hold any ownership. An entity franchisee employs a manager. If the franchisee is an individual, the franchisor may require that person to serve as Center Manager and consent is needed to substitute someone else. If no manager is in place, the franchisor may install one at the franchisee's cost. |
|---|---|
| Initial training | Initial training has three parts. Part 1, Brand Immersion, is about 3 hours, offered in person at the Plano, Texas headquarters or virtually, generally quarterly, and must be attended by at least one equity owner named on the Franchise Agreement. Part 2, Core Training, is about 15 hours of self-led eLearning across six milestone topics that must be finished before the franchisor approves opening. Part 3 is ad hoc ongoing training. The whole program is designed to be completed over 90 days, and the Center Manager must complete Brand Immersion and Core Training no later than 7 days before opening (a replacement manager within 30 days of starting). A launch training visit of about 6 days follows at the center. Initial training for the first center is covered by the Franchise Fee; the franchisee pays travel and living costs, estimated at $5,000-$7,500 in Item 7. Disclosed
The franchisor reserves the right to require multi-unit franchisees to run their own initial training, and may charge $350 per associate per day for repeat or additional training. |
| Multi-unit / development options | A Multi-Unit Development Agreement is available for three or more centers in a mutually agreed Development Territory. The Development Fee runs $72,000 to $207,000 and equals the full Franchise Fee for the first center plus an $18,000 deposit per center for the second through tenth; the eleventh and later centers pay the full then-current Franchise Fee at each Franchise Agreement signing. A separate Franchise Agreement is signed for each center, and the total Item 7 investment for development rights plus the first center is $367,600 to $938,950. Failure to keep the Development Schedule lets the franchisor terminate, modify or shrink the territory or accelerate the schedule. Disclosed
Existing franchisees pay a $36,000 Franchise Fee per center rather than $45,000, and the franchisor may discount or waive Development Fees case by case. |
| Territory (Item 12) | Each Franchise Agreement carries a protected territory, mapped in a Location Letter signed after the franchisor accepts the lease terms, so the territory is not fixed until a site is secured. Boundaries are set case by case from population density, customer influx, traffic, median age, proximity to competitors and other centers, with no minimum or maximum size and no guaranteed shape. Protection means the franchisor will not open new European Wax Center franchises inside it and, if the franchisee materially complies, will not reduce its radius during the initial term; it is not conditioned on any sales volume. The territory is not exclusive: the franchisee may face competition from franchisor-owned outlets, other channels of distribution, competitive brands the franchisor controls, and locations of any business the franchisor acquires or is acquired by, including inside the territory. Disclosed
The franchisor also operates waxcenter.com as an online store selling European Wax Center and third-party products. A Development Territory under a Development Agreement is similarly protected but not exclusive and depends on meeting the Development Schedule. |
| Initial term | 10 years Disclosed
The initial term starts on the earlier of the center's opening or the first anniversary of signing the Franchise Agreement. |
| Renewal | One successor term of ten years may be obtained by exercising an option, subject to a $5,000 Successor Term Fee and conditions: material compliance with the agreement, no current default and no more than two defaults during the term, continued possession of the site or an approved substitute, completion of all capital expenditure and remodeling to then-current specifications, payment of all money owed, timely notice, meeting current franchisee qualifications including training, and signing a general release where lawful. The successor franchisee signs the then-current form of Franchise Agreement, which may carry materially different terms and fees. An option for a third ten-year term may be purchased for 50% of the then-current Franchise Fee. Disclosed
Franchisees who miss the successor conditions may be given a cure period during which royalty and marketing contributions rise to 150% and then 200% of standard rates. |
| Staffing | The center needs a dedicated full-time Center Manager plus wax specialists and front-desk associates. Item 1 describes 1,200 to 1,600 square feet of retail space while the Item 7 real estate note says 1,000 to 1,600 square feet, with estimates based on about 1,400 square feet. Centers must have five or six waxing suites; building fewer or more requires the franchisor's approval, and more suites consume start-up inventory faster. Disclosed
The FDD does not disclose typical headcount, payroll or operating hours. |
Risk and legal observations
Items 3, 4, 8, 15, 17 — summarized neutrallyLitigation: 6 matter(s) disclosed Disclosed · Bankruptcy: None disclosed Disclosed
View legal disclosures, restrictions and guarantees
| Litigation (Item 3) | 6 matter(s) disclosed Disclosed Item 3 lists two pending matters, three concluded matters and one governmental action. Pending: a putative privacy class action filed in June 2025 in the Northern District of California against parent European Wax Center, Inc. over alleged interception of website communications, settled in March 2026 on a claims-funded basis with a maximum gross fund of $5,000,000 and court approval in April 2026, now being administered; and a March 2026 suit by franchisee EWC Michigan Management, Inc. against EWC Franchise, LLC over threatened disabling of point-of-sale access after the initial term expired, alleging breach of contract, promissory estoppel, violation of the Michigan Franchise Investment Law and tortious interference, removed to federal court and pending. Concluded: a 2012 trade secret and unfair trade practices suit by a former vendor, settled in 2016 with a $179,000 payment; a 2016 Delaware Chancery dispute among owners of the parent, settled in 2017; and a 2021 franchisee arbitration over an allegedly improper termination in Florida, settled in December 2021 with a $400,000 payment to the franchisee and a related franchisor suit against a competing business dismissed. Governmental: a 2018 Washington Attorney General investigation into employee no-poaching provisions, resolved in 2019 by an Assurance of Discontinuance removing the provisions, with no fines. |
|---|---|
| Bankruptcy (Item 4) | None disclosed Disclosed Item 4 states no bankruptcy information is required to be disclosed. |
| Personal guaranty | Required Disclosed
Item 15 requires every individual owning 5% or more of an entity franchisee to sign an Unlimited Guaranty and Assumption of Obligations, and each such person's spouse to sign a Spousal Joinder binding jointly held property. The cover page states the requirement as owners of more than 5%. |
| Non-compete | During the term, the franchisee, its owners and their family and household members, and its officers, directors, executives, managers and professional staff may not divert business or customers, act to the prejudice of the brand's goodwill, engage in or hold an interest in a competitive business, or solicit employees, customers or business associates of the franchisor or other franchisees, though they may hire people who answer general public advertising. After termination or expiration, similar restrictions apply for up to two years, limited geographically to the franchisee's protected territory or within 50 miles of any other European Wax Center. Confidential information, trade secrets, the manual and the marks may never be used after the agreement ends. The franchisor may require specified individuals to sign separate nondisclosure, non-solicitation and non-competition agreements. Disclosed
Item 3 discloses that the Washington Attorney General's 2018 investigation led the franchisor to remove employee no-poaching provisions from its form agreement and not enforce them in existing agreements. |
| Transfer restrictions | No transfer of the Franchise Agreement, the business, its operating assets, the location, or an ownership interest in the franchisee may occur without the franchisor's prior written consent, which it agrees not to withhold unreasonably. A formal request with a $1,000 non-refundable processing fee, financial statements and background on the transferee is required. Consent conditions include the franchisor not exercising its right of first refusal, payment of all money owed, a signed general release from franchisee and transferee where lawful, the transferee meeting business and financial standards, and the transferee signing the then-current Franchise Agreement or taking assignment. The transfer fee is 20% of the then-current Franchise Fee, currently $9,000 for new and $7,200 for existing franchisees, with reduced fees for affiliated transfers. The franchisor has no restrictions on assigning its own interest. Disclosed
Item 20 records 48, 76 and 51 franchisee-to-franchisee transfers in 2023, 2024 and 2025. |
| Termination / non-renewal | Curable defaults carry short cure periods: 30 days for a general breach of the agreement or a mandatory manual specification, 10 days for lapsed insurance, and 5 days for failing to pay the franchisor or its affiliates or to obtain a required nondisclosure or non-competition signature. Non-curable grounds allowing immediate termination include failing to select a site or to equip the center on time, failing to complete training, material misrepresentation in the franchise application, a felony conviction or other offense likely to harm the brand, continued conduct harmful to the brand after a cure notice, unauthorized use of confidential information, breach of a competition covenant, abandonment for five consecutive days, and unapproved surrender or transfer of control. On termination the franchisee's interest in the franchise ends and post-term obligations apply, including de-identifying the premises, returning the manual, assigning telephone numbers and social media accounts, and observing the non-compete. Disclosed
Item 20 reports no terminations or non-renewals in 2023-2025; all 59 franchised outlet exits over the three years are recorded as ceased operations for other reasons. |
| Supplier restrictions (Item 8) | Affiliate EWC Distributor LLC is the only approved supplier of the brand's wax and all branded skin care and retail products, which the franchisee must use and resell. The franchisor is the exclusive provider of SEO and SEM services through negotiated third-party vendors, and it or its approved suppliers exclusively supply the required POS system and supporting hardware and software. Gloves, personal protective equipment, cotton rounds, table paper, hand sanitizer, wax pots, other waxing tools, signage and certain marketing materials must come from approved suppliers. The franchisor estimates roughly 23% to 40% of the cost of establishing a center and 25% to 30% of ongoing expenditures go to required or specification-controlled purchases. It may set resale prices where lawful and may terminate for buying unapproved products. EWC Distributor LLC pays the franchisor 5% of its wholesale product sales and 11% of retail product sales; the franchisor also received $409,408 from a designated branded-supplies vendor and $1,210,038 from the POS and payment processing supplier in the fiscal year ended January 3, 2026. There is no purchasing or distribution cooperative. Disclosed
The FDD's cover page flags supplier control as a special risk. |
| Dispute resolution | Except for claims about the marks, trade secrets or confidential information and claims for injunctive relief, all disputes must be arbitrated in Collin County, Texas, unless state law requires otherwise, and claims must be brought individually rather than as a class action. Litigation must be pursued in courts in Collin County, Texas, and Texas law applies, subject to state addenda; trademark and copyright claims follow federal law. The cover page highlights out-of-state dispute resolution as a special risk. Disclosed
The Michigan notice in the FDD states that a provision requiring out-of-state arbitration is void under Michigan law; the franchisor adds that it believes that provision is unconstitutional and intends to enforce its arbitration section as written. |
- Item 20 discloses that the franchisor signed confidentiality clauses with certain current or former franchisees as part of dispute settlements in the last three fiscal years, so some may be restricted in discussing their experience.
- The protected territory is not defined until the franchisor accepts the lease for an approved site, and it is protected but not exclusive; the franchisor also sells products online through waxcenter.com.
- Franchised openings fell from 107 in 2023 to 12 in 2025 while closures rose from 7 to 32, producing a net loss of 20 franchised outlets in fiscal 2025.
- The Item 19 'All Reporting Centers' median of $1,123,886 is printed above the average of $902,437 for the same 1,028 centers, an inconsistency the FDD does not explain.
- Owners of 5% or more must sign an unlimited personal guaranty and their spouses must sign a joinder binding jointly held property.
- The franchisor is a special-purpose securitization entity that has never operated a European Wax Center and relies on affiliate EWC Ventures, LLC under a management agreement to deliver support; the ultimate parent was taken private by General Atlantic on May 8, 2026 and a second securitization closed in May 2026.
- The franchisor may require System modifications, remodels and new equipment at the franchisee's cost, including as a condition of a successor term.
- Item 7 estimates exclude taxes and delivery charges, and neither the franchisor nor its affiliates finance any part of the investment.
Summaries are neutral paraphrases of the cited document and are not legal advice. Read the full Items in the current FDD and consult a franchise attorney.
Illustrative unit economics
Model estimateModel estimate — not disclosed by the franchisor, not a forecast. Fee lines below come from this brand's verified FDD fee schedule and are computed exactly as disclosed (each line shows its arithmetic). Operating-cost ratios are category placeholders we chose — every one is editable and labeled assumption. Results are illustrative arithmetic, not expected returns. Every figure here belongs to one of five labeled categories — disclosed inputs, model assumptions, unmodeled mandatory fees, user-editable assumptions, and exclusions — defined in our methodology.
| Line (annual) | Downside | Base | Upside |
|---|---|---|---|
| Revenue (AUV basis) | $475,545 | $902,437 | $1,037,803 |
| − Cost of goods / supplies assumption | $38,044 | $72,195 | $83,024 |
| − Payroll (excl. owner) assumption | $213,995 | $406,097 | $467,011 |
| − Occupancy assumption | $57,065 | $108,292 | $124,536 |
| − Other operating expenses assumption | $57,065 | $108,292 | $124,536 |
| − Royalty Fee disclosed 6% of gross sales = $54,146 |
$28,533 | $54,146 | $62,268 |
| − Marketing Fund Contribution disclosed 3% of gross sales = $27,073 |
$14,266 | $27,073 | $31,134 |
| − IT Network/Cyber Security Insurance Fee disclosed $100 per year |
$100 | $100 | $100 |
| − Technology & Security Fee disclosed $310/month × 12 = $3,720 |
$3,720 | $3,720 | $3,720 |
| − POS System disclosed $360/month × 12 = $4,320 |
$4,320 | $4,320 | $4,320 |
| − Network Firewall License Fee assumption $500/yr (seeded from the disclosed floor) |
$500 | $500 | $500 |
| − Local SEO/SEM Program Fee disclosed $275/month × 12 = $3,300 |
$3,300 | $3,300 | $3,300 |
| − Conference/Ongoing Training Fee assumption $950/yr (seeded from the disclosed floor) |
$950 | $950 | $950 |
| − Imagery Auto-Shipment Program assumption $3,600/yr (seeded from the disclosed floor) |
$3,600 | $3,600 | $3,600 |
| = Modeled operating result before the items below (EBITDA-style) | $50,086 | $109,851 | $128,802 |
| − Manager compensation assumption | $55,000 | $55,000 | $55,000 |
| = Modeled result after manager compensation | −$4,914 | $54,851 | $73,802 |
| − Illustrative debt service assumption | $62,825 | $62,825 | $62,825 |
| = Illustrative pre-tax cash flow — before taxes, capital expenditures and unmodeled fees | −$67,738 | −$7,973 | $10,978 |
| Modeled operating margin | 10.5% | 12.2% | 12.4% |
This modeled result is not owner income. It excludes: income taxes; capital expenditures and equipment-replacement reserves; working-capital needs; ramp-up losses; owner-specific costs; one-time and per-event fees (transfer, renewal, audit); and 2 mandatory fee(s) whose amounts the FDD does not state (listed below — real outflows are higher by these amounts). It is illustrative arithmetic on stated assumptions, not a promise or forecast of what a franchisee earns.
Mandatory fees disclosed but not quantified — not included in the modeled result: the FDD requires these but states no amount (e.g. billed at "then-current" rates). They are never modeled as $0. If you have a quote or estimate, enter an annual amount to include it as your own assumption:
- System Modifications (Item 6, p. 21) — amount not stated in the FDD (e.g. “then-current fee”)
- Fees Associated with Programs, Systems and Initiatives Developed for the System (Item 6, p. 22) — Neither the amount nor whether any given program is compulsory is fixed in advance; cannot be modelled without an assumption the FDD does not support.
Overlap control: Local Advertising Obligation (historical) is counted within “marketing-fund-contribution” — excluded to avoid double counting; Cooperative Advertising (U.S. co-op) is counted within “marketing-fund-contribution” — excluded to avoid double counting.
Every figure in this table is a model estimate built on the disclosed fee schedule plus labeled assumptions. Excluded: income taxes, owner draw, working-capital swings, capital expenditures, ramp-up losses in year one, one-time and per-event fees (transfer, renewal, audit), and the undisclosed-amount fees listed above. Read AUV vs. EBITDA vs. owner income before using this.
Sources and provenance
Primary source: 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center) · issued 2026-04-23 · amended 2026-05-19. Find the FDD at Wisconsin Department of Financial Institutions — Franchise Registration Search. We cite source pages and do not redistribute PDFs.
View all sources, provenance and verification notes
| Document | Obtained from | Dates | Status |
|---|---|---|---|
| 2026 Franchise Disclosure Document — EWC Franchisor LLC (European Wax Center) Registry file 641625 · 395 pages Registration effective May 5, 2026, status Registered. Cover page states: Date of Issuance April 23, 2026, as amended May 19, 2026. | Wisconsin Department of Financial Institutions — Franchise Registration Search | Issued 2026-04-23; amended 2026-05-19 Retrieved 2026-08-29 | Newest available at retrieval |
AI-assisted extraction from the archived FDD text, independently machine-verified against the cited source (two passes plus tie-break); not human-reviewed. Extracted 2026-08-29. Last updated 2026-09-05. AI-assisted extraction independently machine-verified against the cited source document (2026-09-02): two independent AI reading passes plus tie-break re-inspection of every disagreement; 73 of 76 material fields confirmed (68 with the exact page citation re-confirmed), 0 corrected, 0 unresolved, 3 confirmed not disclosed. No human has reviewed this profile. Fiscal year covered: FY2025 (ended Jan 3, 2026). See how we use AI and verify data.
Fields flagged as uncertain (5)
- franchisor.business_since — Item 1 states that predecessors have offered European Wax Center franchises since 2006 but does not state when the first center began operating, so the field is left null.
- investment.franchise_fee_low / franchise_fee_high — recorded as the $45,000 standard fee for a new franchisee; the Item 7 table spans $36,000 to $45,000 because the low column uses the reduced existing-franchisee fee.
- fees.local_marketing and fees.cooperative — recorded as 0% because Item 11 states the 2% local advertising obligation and the co-op contribution were folded into the single 3% marketing fund obligation in 2016; franchisees who signed before 2016 may still pay 1% plus 2% separately.
- item19.headline_median — the FDD prints $1,123,886 as the median for all 1,028 reporting centers, which exceeds the reported average of $902,437 for the same group; recorded as printed and flagged.
- operations.staffing_note — Item 1 says 1,200 to 1,600 square feet while Item 7 Note D says 1,000 to 1,600 square feet; both are recorded.
Extraction notes (7)
- Fiscal 2025 is a 52/53-week year ended January 3, 2026; Item 19, Item 20 and Item 8 all use that year end.
- Item 20 counts are U.S. state-by-state listings for the U.S. franchisor entity, so us_only is set true.
- Table No. 3's 2024 franchised total (1,062) is one higher than start plus openings minus closures because a former company-owned location was converted to a franchise that year, per the table's own footnote; every other year's tables foot exactly and Table No. 1 totals equal franchised plus company-owned in all three years.
- Item 7's Development Agreement table is recorded under alternative_formats; the single-unit Franchise Agreement table is used for the main investment figures.
- Litigation count of 6 covers two pending matters, three prior matters and one governmental action. Two were initiated by franchisees; the franchisor-filed suit against a competing business is described inside the Worley arbitration entry rather than as a separate matter, so franchisor_initiated_count is recorded as 0.
- No minimum liquidity or net worth requirement appears anywhere in the cover pages, Item 1, Item 5 or Item 7.
- Verification 2026-09-02: fix_page /risk/personal_guaranty 61 → 62
We do not host or redistribute FDD PDFs. Search the registry linked above by franchisor name to obtain the document. Found an error? Report a correction with the field and the primary source.
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