New Delhi, Aug 5 (IANS) Thai spa body product manufacturer Spa Siam will soon be setting shop in India in association with Franchise India Holding Ltd (FIHL). The deal marks the entry of FIHL - which traditionally has interests in providing franchise networking solutions for entrepreneurs and businesses - in the retail sector.

“After franchising, the time has come for us to take the next big step and expand into specialty retailing,” FIHL president Gaurav Marya said.

“We plan to enter various specialty formats and we are starting this process with our entry into the beauty and wellness vertical where we are partnering with Spa Siam,” he said.

The company plans to open 120 Spa Siam stores in the country during the next five years with an initial investment of Rs.200 million.

“After spreading our footprints in all major metros, we will target mini metros, which are equally growing markets for these kind of products and service,” Marya said.

FIHL has estimated revenue to the tune of Rs.500 million annually after three-five years, he said.

The nature of the deal and the revenue sharing model between the two companies has not been disclosed.