MINILUXE ANNOUNCES JV AND MAJORITY OWNERSHIP OF NEW ATLANTA SITE WITH SUGARCOAT, LEADING NAIL CARE BRAND OF SOUTHEASTERN US
July 03 2024 - 7:30AM
MiniLuxe Holding Corp. (TSXV: MNLX) (“
MiniLuxe” or
the “
Company”) is pleased to announce a
joint-venture partnership with Sugarcoat, a leading regional modern
nail care brand based in Atlanta, GA. The award-winning brand was
launched in Atlanta in 2010 by entrepreneur Peiru Kim and now
operates twelve locations throughout the greater Atlanta region
with nail care as their primary offering, and service extensions to
lashes, waxing, skincare, and hair. Prior to founding Sugarcoat,
Ms. Kim held a position in real estate asset management.
The joint venture comes together given a shared
respect of values between the founders of each of the brands. Both
MiniLuxe and Sugarcoat seek to positively change the nail care
industry by promoting the economic and creative independence of
nail designers. Similar to MiniLuxe, Sugarcoat has a high employee
retention rate and is poised for further expansion, primarily south
of Atlanta.
As part of the joint venture agreement MiniLuxe
will take a majority ownership through a NewCo of one Sugarcoat
location in The Forum Peachtree Corners in Atlanta. The brands will
collaborate over the coming months on shared best practices and the
intention will be for MiniLuxe to test and launch its brand through
a conversion of the existing Forum site.
The Forum Peachtree Corners location is part of
an established mixed-used, open-air lifestyle destination center
that currently houses tenants such as Trader Joe’s, Ulta, and
Lululemon. The center will also include a boutique hotel and modern
organic-focused food hall, now in construction.
“I am excited to partner with MiniLuxe for their
commitment to clean practices and uplifting our industry starting,”
says Ms. Kim, founder of Sugarcoat. “I have long admired their
brand and look forward to seeing what we can do together in Atlanta
and beyond.”
“Ms. Kim is a great entrepreneur and a strong
operator who has boot-strapped a profitable and growing brand in
the Atlanta region. We are excited to learn from each other and
explore the possibilities that can come from shared best practices
and a brand conversion,” Mr. Tjan, CEO of MiniLuxe.
In conjunction with entering the joint venture,
the Company has granted a total of 100,000 stock options to Ms. Kim
in accordance with its equity incentive plan, exercisable at
US$0.52 for a period of 2 years. All options were granted in
accordance with and subject to the Company's equity incentive plan
and are also subject to the applicable policies of the TSX Venture
Exchange.
About MiniLuxe
MiniLuxe is a Delaware corporation based in
Boston, Massachusetts. Miniluxe is a lifestyle brand and talent
empowerment platform servicing the beauty and self-care industry.
The Company focuses on delivering high-quality nail care and
esthetic services and offers a suite of trusted proprietary
products that are used in the Company’s owned-and-operated studio
services. For over a decade, MiniLuxe has been elevating industry
standards through healthier, ultra-hygienic services, a modern
design aesthetic, socially responsible labor practices, and
better-for-you, cleaner products. MiniLuxe aims to radically
transform the highly fragmented and under-regulated self-care and
nail care industry through its brand, standards, and technology
platform that collectively enable best-in-class talent and client
experiences. For its clients, MiniLuxe offers industry leading
self-care services and better-for-you products, and for nail care
and beauty professionals, MiniLuxe seeks to become the employer of
choice. In addition to creating long-term durable economic returns
for our stakeholders, the brand seeks to positively impact and
empower one of the most diverse and largest hourly worker segments
through professional development and certification, economic
mobility, and company ownership opportunities (e.g., equity
participation and future franchise opportunities). Since its
inception, MiniLuxe has completed over 4 million services.
For further information
Christine MastrangeloCorporate Secretary and Investor Relations,
MiniLuxe Holding Corp.
cmastrangelo@miniluxe.comminiluxe.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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