Boston, MA, Sept. 12, 2023 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) announced today that it is undertaking a reorganization and initiating plans for leadership succession.
The board, together with CEO Zoe Krislock, has been involved in restructuring MiniLuxe corporate G&A to better align with urgent near-term priorities of reaching profitability, optimizing store expansion, and launching critical product and wholesale initiatives. In this context the board and Ms. Krislock came to mutual agreement that it would be a good time to formally transition Ms. Krislock's CEO role and responsibilities.
Effective immediately, Anthony Tjan, the company's co-founder and Executive Chairman, will assume the role of interim-CEO. Ms. Krislock will remain with the company as Senior Advisor to the Board through June 2024 to facilitate the transition while actively supporting MiniLuxe's operational initiatives in the Florida and Texas regions, which are geographically close to Ms. Krislock's homebase.
Mr. Tjan and Ms. Krislock have worked closely together during her leadership tenure and have been spending time since a mid-summer strategic offsite on how best to be thoughtful for this transition. Mr. Tjan commented,
"I am first and foremost grateful and want to thank Zoe, on behalf of the board, for her contributions over these past five years including her leadership during Covid and her unwavering dedication to MiniLuxe's mission to transform the nail care industry. MiniLuxe is in an exciting position with multiple opportunities for growth but equally navigating the macro environment. I'm looking forward to working with Zoe, the board, and the MiniLuxe team to set the groundwork for the company's next chapter."
In the interim, and per the company's most recent press release and MD+A, Mr. Tjan and the MiniLuxe leadership team will maintain focus on two priorities:
(1) Continued improvement of studio economics across the core base of existing studios with the goal of covering corporate G&A from studio contributions.
(2) Executing on a focused set of growth investments, especially in the areas of fleet expansion, product innovation and other very select areas of M+A that have breakout potential.
"After several years of leading a Covid comeback with consistent YoY growth, I am most proud of helping to build a culture that makes MiniLuxe the employer of choice for hundreds of beauty professionals who are setting positive new standards for our industry. I am especially grateful to my colleagues - amazing people who have inspired and challenged me every day of this journey," says Krislock.
Ms. Krislock will remain on the board in the short-term while the company is actively evaluating candidates to fill her board seat.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts is a digital-first, socially responsible lifestyle brand and talent empowerment platform for the nail and waxing industry. For over a decade, MiniLuxe has been setting industry standards for health, hygiene, high quality services, and fair labor practices in its efforts to transform the nail care and waxing industry. Underlying MiniLuxe's mission and purpose is to become one of the largest inclusionary educators and employers of diverse self-care professionals across our omni-channel ecosystem and talent empowerment platform.
Today, MiniLuxe derives its revenue streams from nail care and waxing services across an omni-channel ecosystem with company-owned studios and off-premise partnerships. The company also develops and sells a proprietary retail and e-commerce line of clean nail care and waxing products that are also used in MiniLuxe services. MiniLuxe is driven by a fully integrated digital platform that manages all client bookings, preferences, and payments and provides designers with the ability to manage scheduling and client preferences, track their performance and compensation, and access training content. Since its inception, MiniLuxe has performed nearly 3 million services. www.miniluxe.com
For further information
Anthony Tjan
Executive Chairman, MiniLuxe Holding Corp.
atjan@miniluxe.com
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Forward-looking statements
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