The 2026 Merle Norman Cosmetics FDD moves the Item 7 estimated initial investment range from $47,566–$260,437 to $47,870–$262,938, and the system contracts from 797 to 757 outlets (−5.0%) year-over-year. Neither filing includes an Item 19 financial performance representation.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Low end of range | $47,566 | $47,870 | +$304 (+0.6%) |
| High end of range | $260,437 | $262,938 | +$2,501 (+1.0%) |
| Full range | $47,566–$260,437 | $47,870–$262,938 |
The 2026 filing puts the Item 7 estimated initial investment at $47,870–$262,938, against $47,566–$260,437 in the 2025 filing. The low end moves by +$304 (+0.6%) and the high end moves by +$2,501 (+1.0%), widening the band from $212,871 to $215,068.
2025 filing: Item 7 provides three separate total investment ranges by location type (regional mall, non-mall, and within an existing business) and states totals do not include real estate costs/rent. 2026 filing: Item 7 provides three separate initial investment totals by Studio type/location and states totals do not include real estate (rent) costs.
| 2025 FDD | 2026 FDD | Change | |
|---|---|---|---|
| Total outlets (Item 20) | 797 | 757 | −40 (−5.0%) |
| Franchised outlets | 797 | 757 | −40 (−5.0%) |
| Company-owned outlets | 0 | 0 | unchanged |
| Openings during the year | 5 | 4 | −1 |
| Closures during the year | 39 | 44 | +5 |
Merle Norman Cosmetics reports 757 outlets in the 2026 FDD, against 797 in the 2025 filing — a change of −40 (−5.0%).
Outlet counts as each filing states them — 2025: Fiscal year end December 31, 2024; 2026: As of December 31, 2025. Item 20 Table 1 reports systemwide studios at start and end of year; Item 20 Table 3 reports franchised studios opened and ceased operations for 2025; Item 20 Table 2 reports transfers to new owners (other than MNC) for 2025.
Neither the 2025 nor the 2026 Merle Norman Cosmetics filing includes an Item 19 financial performance representation.
Neither filing states Merle Norman Cosmetics' ongoing royalty as a single percentage rate, so there is no rate to compare year-over-year.
2025 filing: Item 5 states there is no required initial franchise fee; Item 6 does not list any royalty. 2026 filing: Item 5 states there is no required initial franchise fee to become a Merle Norman Studio Owner; Item 6 does not disclose any royalty fee.