XpresSpa posted an 11.6 percent increase in revenue to $43.3 million in 2016, parent company FORM Holdings announced. Same store comparable sales grew 7.6 percent during the year.
FORM Holdings officially acquired XpresSpa in December 2016, which was the company’s largest transaction to date. FORM said the airport spa concept opened six new locations, including stores in the Houston, Chicago and Dubai airports, in 2016. Leases were extended in three other airports.
“We enter 2017 excited about the future of FORM. We concluded 2016 by completing the acquisition of XpresSpa, our largest transaction to date, and have now established ourselves as a diversified holding company,” says Andrew Perlman, CEO of FORM Holdings. “The total aggregate revenue of the individual companies, including XPresSpa, was over $60 million in 2016.”
For 2017 FORM plans to grow same-store revenue focusing on retention and recruitment of in-store staff; updating point of sale and technology infrastructure; rolling out XpresSpa 2.0, which will feature an updated aesthetic and optimized use of space in storefronts; and implementing marketing efforts.
Additionally, there are five new XpresSpa locations scheduled to open in 2017.