OSIM expands massage chair service into Russia, Turkey: Bloomberg

The brand is gaining global traction.

Osim International Ltd, Asia’s largest maker of massage chairs, said it’s in talks to expand its international franchise with stores in Turkey and Russia.

In a report by Bloomberg, Osim’s Chief Executive Officer Ron Sim said he hopes to reach a deal by the end of the year.

The Turkey and Russia agreements will complement fast-growing economies including China, which Sim said is it’s top market with almost half of its 578 stores worldwide. Osim is planning to add 20 to 30 new outlets each year while closing the ones that aren’t performing, he said.

“The worldwide market is getting bigger and bigger for us,” Sim said.

Here’s more from Bloomberg:

The expansion into Turkey would give the Singapore-based company access to a country where economic growth has averaged 5.5 percent since 2002. Russia is grappling with a $2 trillion economy that has nearly stalled as foreign capital continues to flow out, making the impact of Western sanctions noticeable for Russian citizens, according to a Treasury Department official.