Business
XWELL Grows Footprint Outside the Airport with Acquisition of Naples Wax Center
Transaction represents the first step in building XWELL’s retail portfolio outside the airport and positions the Company for revenue growth and profitability
About this update from Xwell, Inc.
[{"type":"text","content":"Transaction represents the first step in building XWELL’s retail portfolio outside the airport and positions the Company for revenue growth and profitability\nNEW YORK, Sept. 12, 2023 (GLOBE NEWSWIRE) -- XWELL, Inc. (Nasdaq: XWEL) (\"XWELL\" or the \"Company\") today announced the acquisition of Naples Wax, LLC (“Naples Wax Center”), a group of upscale hair removal boutiques in Florida. In a transaction valued at approximately $1.5 million, the acquisition allows the Company to expand outside the airport and is intended to increase revenue and drive profitability. “This is a great day for XWELL as we move wellness outside the airport and advance our strategic objective to grow our business serving a completely new set of customers,” said XWELL Chief Executive Officer Scott Milford. “The addition of Naples Wax Center enables us to move beyond our airport client base with a business we can adapt to our larger wellness platform while also growing their retail footprint to serve our long-term financial expectations.” Known for providing a memorable customer experience, Naples Wax Center currently operates three high-performing locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. The acquisition of Naples Wax Center allows us to explore cross-service promotion opportunities as well as expansion of our retail base and XWELL Rewards Program benefits. “At our core, XWELL is focused on providing wellness and self-care for people on the go and we’ve always recognized that included evolution beyond the airport,” Milford added. “Today’s transaction also creates new compelling opportunities that accelerates our growth potential. First, we intend to leverage geographic synergies and lower out of airport costs to grow the Naples Wax Center portfolio by 8-10 additional locations during the next 12-18 months. Additionally, we will continue adding new acquisitions that complement XWELL’s out of airport growth strategy with the goal of making wellness and self-care more approachable to more customers.” As part of this acquisition, XWELL plans to retain the existing staff of Naples Wax Center and will be deploying training and development to ensure a seamless transition and the continued delivery of exceptional services. Local guests can expect a smooth integration process that p...