Regis Corporation (NYSE: RGS), a leader in the haircare industry, today announced that it is entering into a Master Franchise Agreement with Ravissant Style Private Limited, a corporate affiliate of Ravishing Style, LLC, an existing franchisee of Supercuts locations in the U.S., to launch the Supercuts® brand in India.
With more than 2,000 locations across the U.S., Supercuts is set to enter India with a strategic Master Franchise Agreement. Through this agreement, Ravishing Style is expected to open no fewer than 100 salons within the first five years, with a vision to grow further through exclusive sub-franchising rights across Northern and Western India. This strategic collaboration heralds a transformation of the Indian salon landscape, with the goals of elevating the current customer experience in India and establishing a new and captivating standard within the salon sector.
Neeru Jain Wadhwa, CEO, and Alok Wadhwa, President of Ravishing Style, shared: "Supercuts is poised to offer a differentiated customer experience for the Indian market. Rooted in Supercuts tradition, we anticipate rolling out a comprehensive salon experience, featuring expert haircuts, masterful coloring, highlights, hair spa treatments, rejuvenating facials, nail services, professional makeup application, and exclusive Indian bridal services. Our commitment to superior quality and customer satisfaction will shine through in every service."
Matthew Doctor, President and Chief Executive Officer of Regis Corporation, emphasized, "This agreement marks an important milestone in Regis Corporation's growth strategy. India, a market full of long-term growth potential, is primed to experience the first large-scale, U.S.-based salon brand in the country. We are thankful to Alok and Neeru for pioneering these efforts, which we hope will not only unlock further growth throughout India, but also set the stage for entry into other countries around the world."
"Regis remains committed to partnering with skilled operators equipped for international expansion," said Michael Ferranti, Chief People Officer of Regis. "We will continue to seek out and respond to interested parties as we look to take our established brands to more markets with growth potential."
About Regis Corporation
Regis Corporation (NYSE:RGS, Financial) is a leader in the haircare industry. As of June 30, 2023, the Company franchised or owned 4,863 locations. Regis' franchised and corporate locations operate under concepts such as Supercuts®, SmartStyle®, Cost Cutters®, Roosters® and First Choice Haircutters®. For additional information about the Company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com.
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the ability of Ravishing Style to develop, open and successfully operate salons in India. The forward-looking statements in this document reflect management's best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. The following factors could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements: the ability of Ravishing Style to develop and grow the Supercuts brand in India, the impact of the local economy and macroeconomic factors on potential employees and customers in India, the impact of compliance with local India laws and regulations on operating salons and the Company’s ability to enforce the terms of the Master Franchise Agreement. Additional information concerning these and other potential factors that could affect future results is set forth under Item 1A of Form 10-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made in our subsequent annual and periodic reports filed or furnished with the SEC on Forms 10-K and 10-Q.
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