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O2 Spa embarks on $15-mn expansion
The expansion plans include addition of about 30 outlets in tier 1 and 60 outlets in tier 2 cities in India, and more than 10 outlets abroad,” Ritesh Reddy Mastipuram, founder and Managing Director, O2 Spa, told media here on Wednesday.
Hyderabad: City-based O2 Spa, a leading day spa chain with 60 centres across 17 cities, has embarked on an expansion drive with a total investment of $15 million, to spread its footprint to 150 outlets across 30 cities by the end of the current fiscal year.
The expansion plans include addition of about 30 outlets in tier 1 and 60 outlets in tier 2 cities in India, and more than 10 outlets abroad,” Ritesh Reddy Mastipuram, founder and Managing Director, O2 Spa, told media here on Wednesday.
Established eight years ago, O2 Spa operates in five different formats that include airports, malls, luxury hotels, standalone properties and luxury trains. It is also trying to convert smaller towns into an organised spa and wellness market through its expansion.
According to industry reports, the global wellness industry is estimated to be about $3.4 trillion. The Indian wellness industry is estimated to cross $15 billion in 2016, growing at the rate of 15 per cent on an average annually.
Of that, the spa segment, at present, accounts for $200 million and is expected to grow at 25 per cent annually. Unorganised players dominated the segment with a pie of 80 per cent.Worldwide, the spa industry is one of the fastest growing and is well-recognised for its contribution towards wellness.
In India, majority of the industry remains unorganised and the Indian consumer is just waking up to the wellness and spa concept,” he maintained. Overseas, the company was planning to have 20 international outlets by the end of the financial year.
