Hospitality and wellness chain Mystic Cures Ltd is going to adapt franchise business model for its Spa & Salon properties all over India. Mystic currently has two company-owned properties in DelhiNCR.
Mystic Cures Ltd is aiming at 24 franchised outlets in the northern region of India in next 12 months. The area of franchised Mystic Salon & Spa will range from 1,000 sq ft to 6,000 square feet with a minimum investment of Rs 20-25 lakhs on infrastructure and minimum investment of Rs 15 lakhs for equipments and interiors. Mystic will provide support in terms of products, manpower recruitment, maintaining mystic standards, technical training & advertising and marketing to all franchisees. It will bring the number of company-owned outlets to four.
Siddharth Shankar, director, Mystic Cures Ltd, said, “The cost of running own set-up, in terms of the cost and time, is too high. To expand business/network, franchisees are the natural choice.” The company is targeting a turnover of Rs.1.6 crore for the current fiscal.