European Wax Center Welcomes New Board Member, Nital Scott

Rhea-AI Summary

Nital Scott has been appointed as an Independent Director on the Board of European Wax Center (NASDAQ: EWCZ) as of November 29, 2021. With this addition, the board expands to seven members. Scott, currently the CFO of Beautycounter, contributed to a remarkable 12x revenue growth during her tenure. The leadership anticipates her retail expertise will support strategic goals, including new center openings and improved same-store sales. The board aims to enhance governance with high-quality independent members, emphasizing a strong growth trajectory.

Positive

• Nital Scott's extensive experience in retail and consumer beauty is expected to enhance strategic initiatives.
• Scott's previous success at Beautycounter, including a 12x revenue growth, showcases her capability to drive financial performance.
• The appointment adds diversity to the board, potentially improving decision-making and corporate governance.

Negative

• The expansion of the board may raise concerns regarding continuity and the experience gap among members.

Nital Scott joins Board of Directors, serving as an Independent Director

PLANO, Texas, Nov. 29, 2021 (GLOBE NEWSWIRE) -- European Wax Center, Inc. (NASDAQ: EWCZ), a leading personal care franchise brand that offers expert wax services, today announced the appointment of Nital Scott to its Board of Directors. With the appointment of Ms. Scott, the European Wax Center Board of Directors now has seven members.

“We are thrilled to have Nital join the European Wax Center team. Her deep experience in retail and consumer-facing beauty spaces will be invaluable as we continue to execute on our strategic priorities of new center openings and same-store sales growth. I look forward to partnering with her to enhance value for all European Wax Center stakeholders,” said David Berg, Chief Executive Officer of European Wax Center.

Nital Scott brings a wealth of experience including seven years at skin care and cosmetics company, Beautycounter, where she currently serves as Chief Financial Officer. During her time there, Beautycounter grew its revenue 12 times over before The Carlyle Group recently acquired a majority stake in the company valuing it at $1 billion. Prior to her tenure at Beautycounter, Scott held the position of Vice President of Investment Banking at Goldman Sachs for six years.

“I am grateful that I have been given the opportunity to join the team of this category creator and leader. I look forward to bringing my experience and unique perspective to make a positive impact on the continued success of European Wax Center,” said Ms. Scott.

“I’m excited to continue to attract and add high-quality independent members to our board, including Dorvin Lively and Laurie Ann Goldman earlier this year. Nital’s skill sets will be incredibly complementary to those of the leadership team and instrumental as we continue to grow this brand,” said Andrew Crawford, Managing Director of General Atlantic and Chairman of European Wax Center’s Board of Directors.

About European Wax Center, Inc.

European Wax Center, Inc. (NASDAQ: EWCZ) is a leading personal care franchise brand founded in 2004. The Company offers expert wax services from certified Wax Specialists, ensuring that every guest who walks through the door leaves feeling confident—in European Wax Center, Inc. and themselves. The Company provides guests with a first class, professional waxing experience by the most highly trained estheticians in the industry, within the privacy of clean, individual waxing suites. They're so confident everyone will love the experience, European Wax Center, Inc. offers a free complimentary wax to each new guest. The Company continues to revolutionize the waxing category with its innovative, signature Comfort Wax™. This proprietary blend is formulated with the highest quality ingredients to leave skin feeling smooth and make waxing an efficient and relatively painless experience. To help enhance and extend waxing services after leaving the center, European Wax Center, Inc. offers a complete collection of proprietary products in the skincare, body, and brow categories. European Wax Center, Inc. is a leading wax specialty personal care brand in the United States and, as of September 25, 2021, its network includes 833 centers nationwide. For more information including how to receive your first wax free, please visit: www.waxcenter.com.

Contacts

Investors:
ICR, Inc.
Allison Malkin/Nina Weiss
IR@myewc.com
203-682-8225

European Wax Center, Inc.
Amir Yeganehjoo
Amir.yeganehjoo@myewc.com
469-217-7486

Media:
Creative Media Marketing
Meredith Needle
Ewc@cmmpr.com
212-979-8884

FAQ

Who is Nital Scott and what is her role in European Wax Center?

Nital Scott is appointed as an Independent Director on the Board of European Wax Center, contributing her expertise in retail and consumer-facing sectors.

What experience does Nital Scott bring to European Wax Center?

Scott has significant experience in the beauty industry and previously served as the CFO of Beautycounter, where she helped achieve a 12x revenue growth.

How does Nital Scott's appointment affect European Wax Center's strategic goals?

Her experience is anticipated to support the company's focus on new center openings and increasing same-store sales.

When was Nital Scott appointed to the Board of Directors of European Wax Center?

Nital Scott was appointed on November 29, 2021.