Mystic Cures Set to Acquire Seven Spa Centers Spread Over Europe and Africa

Mystic Cures said it is looking to acquire seven spa centers spread over Europe and Africa in partnership with private equity firms for which 100 million Euros (about Rs 654 crores) have been earmarked.

"We are looking at acquiring seven spas in Europe and Africa". Mystic Cures Director Siddharth Shankar told reporters, adding 100 million Euros (about Rs 654 crores) have been earmarked for the purpose.

"While all the money will be invested by the private equity firms we have partnered with, our investment would only be the know-how. We would own at least 75 per cent in each of the properties” Mr. Siddharth Shankar said.

Mystic is looking at Italy, Belgium, Germany and Tanzania for the possible acquisitions, will use the brand name & apos Mystic Salon & Spa & apos, under which it also runs its India operations. Mystic Cures, which already has eight spas in India, has added two more centers in Delhi. Asked how recession has impacted the industry in the country, Mr. Siddharth Shankar said, "Recession has had a major negative impact on the spa industry. The spa industry growth is driven by the middle class who have no disposable income in such times.”