After 16 years in private equity and more than $6 billion in deals across hotels, restaurants, and healthcare, Jonathan Millet walked away to do something no one had cracked: build the first truly scaled premium nail brand in the world. In this episode of the Growth Diaries podcast with host Sudheer Koneru, Jonathan breaks down the unit economics behind killing the reception desk, how he picks franchise partners for 10-to-15-year relationships, the AI tool he built to institutionalize location selection, and his vision to scale Townhouse past 1,000 units.

Bonus: Sudheer has also captured lessons from 42 founders across nine countries in his upcoming book, Growth Diaries: How the Best Beauty and Wellness Brands Scale from 1 Store to 100+, launching September 21, 2026, at Innergize in Seattle. The book maps the 4 phases of scaling a beauty or wellness brand, the 5 invisible constraints, and the 12 universal principles that separate the businesses that stall from the ones that keep growing. Order the book here.

What You’ll Learn:

Why Jonathan walked away from a 16-year private equity career to bet on a category nobody believed could scale
How killing the reception desk saved $150K–$200K per location
Why “nice people” is a core value worth defending
How to pick franchise partners for 10-to-15-year relationships, and when to own markets vs. hand them off
The AI-powered location selection tool Jonathan built to institutionalize gut feel
Why simplicity and documentation are the real prerequisites for scaling past 1,000 units

Jonathan Millet is the CEO of Townhouse, the world's largest premium nail salon chain and the fastest-growing beauty business of its kind in Europe. Before launching Townhouse with his wife Juanita, he spent 16 years in private equity, closing over $6 billion in deals and sitting on more than 40 boards across hotels, restaurants, and healthcare. Today he's scaling Townhouse toward 1,000+ locations globally, with franchise partnerships across the UK, US, Italy, and the Middle East, alongside a growing retail line and a technology platform licensed to other operators.

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Episode Highlights:

[01:11] From Investment Banking to 40+ Private Equity Boards
[03:01] A $13B US Market With No Real Brands
[04:44] Two Years of Research and Night School For His Nail Tech Certification
[06:56] Killing the Reception Desk
[08:36] Treating Staff Like Guests
[11:40] Core Values: Details Matter, Passion, Nice People
[15:30] Live KPI Dashboards, Pavilion Flow, and the Zenoti Partnership
[17:31] 40 Corporate Stores First, Then Franchise, and an AI Location Tool
[18:47] International Expansion: Own the US, Partner Everywhere Else
[21:03] Building the Retail Line Without Diluting Treatment Quality
[25:48] Why Nail Techs Stay
[27:51] Picking Franchise Partners for 15-Year Relationships
[31:50] The AI and Data Stack Driving the Next Phase
[35:12] The Scaling Playbook: Simplify, Document, Repeat

Episode Resources:

Jonathan Millet on LinkedIn
Townhouse Website
Sudheer Koneru on LinkedIn
Zenoti Website
Growth Diaries Book