Madison Reed plans to open more Color Bars as part of a new joint venture and franchise plan with Franworth, a consulting firm.
Madison Reed started as a home hair-color business centered around better-for-you ingredients before expanding its services into Color Bars. Right now it has nine locations where people can receive hair coloring services in a no-frills environment — customers are in and out more quickly than at a traditional hair salon, and the cost is lower than coloring at traditional salons.
Under the terms of the Franworth agreement, Madison Reed will continue to own and develop Color Bars in some cities, and help support Color Bar franchisees. Franworth will help to design and recruit for the franchising program.
In a statement, Madison Reed chief executive officer Amy Errett said the plan will help the company “scale physical retail.”
“To us, being omnichannel means we have a relentless drive to meet the needs of our customers wherever they are,” Errett said. “Our customers come first, and we want to support them regardless of whether they color at home or in a Color Bar. Our responsibility is to ensure that her experience is the same regardless if she is walking into an existing Color Bar, shopping online, coloring at home or visiting a franchise location.”
At one point, Madison Reed had aggressive Color Bar plans and aimed to roll out 25 locations by the end of 2019. Currently, the brand has nine Color Bars located in New York City, San Francisco and Dallas. The company raised $51 million at the beginning of 2019 in order to roll out more Color Bars. Since then, it has opened three.
Under the new agreement, Madison Reed expects to have 100 company-owned Color Bars and 500 franchises by 2024, according to a Madison Reed spokeswoman.
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