This week, Madison Reed revealed their plans to franchise their Color Bars through a joint venture with consulting firm Franworth! Madison Reed is planning to have 600 of their stores either sold or open within the next four years, with 100 locations being company-owned and 500 locations being franchises.
Currently, the hair color brand has 9 locations with most of their operations being online. Customers can sign up for a subscription to receive a monthly box with their hair color of choice. The new locations that are in the pipeline will be a combination of the company-owned stores and franchised stores.
Additionally, Madison Reed will continue to own and operate stores in some locations, while the two companies will work together to develop infrastructure for Color Bar franchisees. According to Madison Reed, the company is the “first digitally native vertical brand (DNVB) to use the franchise business model as a growth strategy.”