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Singapore's Osim to spend $5.5 M in India
By siliconindia staff writer
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Friday, 03 September 2004, 19:30 IST
NEW DELHI: Singapore health major Osim, renowned for its luxury massage chairs, has earmarked 
250 million ($5.5 million) over the next three years for its spread in India.
"In the next three years, we will have 40 outlets in India. In five years, we'll have 50," said Ron Sim, founder and CEO of the $287.4 million Osim International.
Sim drew a comparison of India with neighbouring China to explain his company growth prediction. "Ten years ago, we entered China and now our business there is worth $50 million.
"We think the same can happen in India and I will even say that India might turn out to be an even bigger market than China," Sim said in a news conference to launch the company's products in India in the Indian capital.
Among the products unveiled in the Indian market is the iSymphonic massage chair that determines the acupressure points in the body and then uses 10 airbags to massage them to soothing music according to the user's taste.
"Since every user can programme in their preferred taste in music, some of our Indian customers are using Bollywood music and the effect they tell me is great," laughed Sim.
The chair costs 270,000 ($60,000) and uses optical sensors to detect the acupressure points and has been declared the Invention Of The Year by the Time Magazine.
Sim was voted Ernst & Young's Entrepreneur of the Year in 2003.
The company sells everything from vacuum cleaners and water purifiers to blood pressure monitors and measuring scales in 16 franchises around the world.
Osim's brand value is $203 million.
In India, Osim would begin with two outlets in Okhla and Kailash Colony in New Delhi. "After Delhi, we will target Mumbai, Kolkata, Punjab, Bangalore and Chennai," said Shaily Grover, managing director of Osim India.
250 million ($5.5 million) over the next three years for its spread in India.
"In the next three years, we will have 40 outlets in India. In five years, we'll have 50," said Ron Sim, founder and CEO of the $287.4 million Osim International.
Sim drew a comparison of India with neighbouring China to explain his company growth prediction. "Ten years ago, we entered China and now our business there is worth $50 million.
"We think the same can happen in India and I will even say that India might turn out to be an even bigger market than China," Sim said in a news conference to launch the company's products in India in the Indian capital.
Among the products unveiled in the Indian market is the iSymphonic massage chair that determines the acupressure points in the body and then uses 10 airbags to massage them to soothing music according to the user's taste.
"Since every user can programme in their preferred taste in music, some of our Indian customers are using Bollywood music and the effect they tell me is great," laughed Sim.
The chair costs 270,000 ($60,000) and uses optical sensors to detect the acupressure points and has been declared the Invention Of The Year by the Time Magazine.
Sim was voted Ernst & Young's Entrepreneur of the Year in 2003.
The company sells everything from vacuum cleaners and water purifiers to blood pressure monitors and measuring scales in 16 franchises around the world.
Osim's brand value is $203 million.
In India, Osim would begin with two outlets in Okhla and Kailash Colony in New Delhi. "After Delhi, we will target Mumbai, Kolkata, Punjab, Bangalore and Chennai," said Shaily Grover, managing director of Osim India.