India’s nascent rejuvenation market only makes up a tiny sliver of the rapidly-growing physical wellness market. An industry body estimates that, as of next year, it will make up 2% of the overall market. Not much, admittedly. However, when you consider that the overall market is expected to be as big as Rs 1,50,000 crore ($20.8 billion) in 2020, that still leaves a cool Rs 3,000 crore ($415.3 million) on the table for India’s spa chains to slug it out over. And the first to truly lay claim to these spoils was India’s first, and currently the largest, spa chain—O2 Spa Salon.
Too much, too soon
India’s largest spa chain is gasping for breath
In 2016, O2 became the first spa chain to receive private equity. Two years on, however, it seems like the investment has done more harm than good
O2 became the first Indian standalone spa chain to raise private equity in 2016
Since then, it grew from 78 spas to over 120 spas in India and abroad by mid-2018
Now, the bubble has burst. The company has shuttered 40 of its spas across India and Dubai
Now, other spa chains are coming for O2's throne. But how does one crack the rejuvenation space?