O2 Spa to invest USD 15 mn for biz expansion

Spa chain O2 Spa today said it will invest nearly USD 15 million (over Rs 100 crore) to expand its footprint to 150 outlets across 30 cities by the end of this fiscal.
O2 Spa is currently operating 60 centres across 17 cities in the country.
The expansion plans include addition of about 30 outlets in tier I and 60 in tier II cities, the company said in a statement here.
As per data provided by the company, the country's wellness industry is estimated to cross USD 15 billion in 2016, growing at an average rate of 15 per cent annually.

The domestic spa industry is estimated to be USD 200 million in size and expected to grow at 25 per cent annually. Currently, 80 per cent of the spa industry is unorganised.
"Our rapid expansion over the next one year will give the (wellness) industry a much needed boost and propel the growth in coming years," O2 Spa founder and MD Ritesh Mastipuram said.
O2 Spa is also present at four locations in UAE (Dubai, Abu Dhabi, Sharjah and Fujairah).