MiniLuxe, the Boston-based chain of nail and waxing salons noted for its fresh approach to the beauty industry, recently raised nearly $7.5 million in funding. The round was co-lead by Cue Ball, the investment firm that founded MiniLuxe, and Horowitz Group, both of whom led its $23 million round of funding in October, 2014. According to Tony Tjan - co-founder and chairman of MiniLuxe, as well as CEO and managing partner of Cue Ball - the funds will be used for growth and development throughout various aspects of the business. And that includes more geographic expansion.
Tjan explained the $7.5 million secured will be allocated to further building the MiniLuxe brand, staff development, technology and infrastructure.
“An important aspect to emphasize is that we pride ourselves not only in what we believe to be the cleanest, healthiest nail experience, but also our mission to elevate quality,” he told us.
The Golden State can expect salons to open around early 2017.
He explained, with this in mind, the company will be investing in developing new tools and best practices, in addition to focusing on employee growth, to raise the caliber of experience for customers and technicians alike.
Additionally, Tjan revealed MiniLuxe has its sights set on further geographic expansion - only this time, it will be heading to California. He said the Golden State can expect salons to open around early 2017.
This comes after the company, which now has a total of 15 storefronts, opened its doors in Texas in 2015. The MiniLuxe locations throughout Texas have fared well, according to Tjan, for a couple of reasons like a stronger cultural emphasis on grooming.
“It also has this unfair, competitive advantage that’s called weather,” he told us. “Open-toed shoes are more popular where there’s warm weather, which means more pedicures.”
So its choice to head for sunny California next seems logical.
In general, Cue Ball has long asserted it wants MiniLuxe to be a Starbucks of sorts for the grooming industry. Essentially, as Tjan puts it, it's been pushing to “take a prolific, but prosaic and somewhat mundane industry… reimagine and elevate it” just as Starbucks did with the coffee industry.
According to Tjan, nail and waxing services "have to serve something much better than a utilitarian function." Instead, MiniLuxe wants to invest in making the experience enjoyable for customers - emphasizing self-care, self-confidence and "me time" - while improving work environments for employees by offering benefits and opportunities for growth.
