AS PART OF THE JV, MINILUXE WILL ENTER THE ATLANTA MARKET THROUGH A STUDIO CONVERSION
Boston, MA, July 03, 2024 (GLOBE NEWSWIRE) -- 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 Mastrangelo
Corporate Secretary and Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@miniluxe.com
miniluxe.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.
