European Wax Center (EWC) is the largest out-of-home waxing company in the U.S., operating a network of roughly 1,047 centers across 44 states. EWC provides professional body and facial waxing services, with the recurring nature of hair growth driving a reliably repeat-visit model. EWC differentiates on its proprietary "Comfort Wax" formulation, trained wax specialists, and a hygiene-focused experience across private, single-use-equipped suites. Centers are small (1,200–1,600 sq. ft.) and located in retail strip centers. EWC also sells proprietary post-wax skincare products through its centers and direct-to-consumer online. The business is almost entirely franchised — 1,042 of 1,047 centers are franchisee-operated. As a franchisor, EWC's revenue comes from wholesale product sales to franchisees (~56% of revenue), royalties on service sales (~26%), and franchisee marketing fund contributions (~15%). This makes EWC's revenue largely a function of system-wide sales volume, driven by center count and average unit volume per center. The franchise model is asset-light, with franchisees bearing the ~$514K–$563K cost of opening each location. EWC's "Wax Pass" pre-paid membership program accounts for roughly 62% of transactions and improves guest retention and visit frequency. EWC's current priorities under new CEO Chris Morris include rebuilding marketing capabilities, improving franchisee profitability, and returning to net unit growth by end of 2026 after a period of network contraction.