“We expect growth in line with previous years. 2026 is shaping up to be a positive year, and we will surpass 2 million visits despite a challenging international environment.”

Francesco Varni, CEO of QC Spa of Wonders, is mapping out the next phase of growth for the Italian leader in wellness tourism.

The company now operates 13 properties across Italy, France and the United States. Saunas, thermal pools and soothing music set the scene. “By 2028, we will have 18 properties, and by 2029 or 2030, we would like to surpass 20,” Varni says. “We have many projects under consideration, particularly in the U.S., where the success of Governors Island has encouraged us to broaden our horizons.”

Two new additions are coming soon.

First, the restoration of the third building in the complex facing Manhattan is expected to be completed in mid-October. “We have added pools, Turkish baths, massage rooms, mud treatments and a cinema pool. Once the investment is completed, the spa will be able to accommodate even more guests.”

Then, in early November, a new resort will open in Ponzano Veneto, in the Treviso area, at Villa Persico Guarnieri. “It’s an area where we weren’t present before, and we believe we can do very well there.” The property will have 62 rooms and more than 400 spa stations. The investment totals about €16 million, made jointly with the Benetton family.

But plenty of other projects are already underway, from Viale Certosa in western Milan to Lake Como and beyond the Alps.

“The success of Chamonix has led us to look for new locations in France,” Varni says. “Construction is well underway on a new day spa in Bordeaux.”

A towel, swimsuit and flip-flops for the day. Whether in the middle of a city surrounded by high-rises or immersed in the quiet of nature, the basic formula remains the same. You could call it a business model worthy of The Founder.

“From researching new locations to opening our doors to guests, we oversee every step. We have specialized teams that assess every opportunity from a socioeconomic, technical, architectural and construction standpoint. Our in-house team also handles the interior design of each project, tailoring it as much as possible to the location and the city.”

And what about the technology involved in managing all that water?

“We have an in-house manufacturing operation that produces everything ourselves: pools, control systems, saunas and Turkish baths,” Varni says. “That’s because, in addition to operating wellness centers, we are also an engineering company. Obviously, we also work with outside professionals and local construction firms, but we always maintain control of the entire process.”

The QC Spa of Wonders formula was born in 1998 in Bormio, in the heart of Valtellina.

“By then, I had already been with the group for eight years,” Varni says. “It all started with the founders, Saverio and Andrea Quadrio Curzio, who had the idea of reopening the historic Bagni Vecchi and transforming it from a medical facility into a more modern wellness center.

“The success was unexpected. The outdoor pool overlooking the valley became an attraction in its own right.”

When did the turning point come?

“After Bormio, we opened in Pré-Saint-Didier, another mountain destination with many similarities. Then, when we opened in Milan in 2007, right in the middle of the city, and saw how attractive the property was, we realized we were on the right track.”

The numbers tell the story. Last year, the company generated more than €170 million in revenue, with about 1,000 employees and collaborators and 1.9 million visits. It invested more than €56 million in a single year.

So who is the typical customer?

“Globally, 60% are women and 40% are men.”

What about the generations?

“Millennials account for half of our customers,” he says. “Baby boomers and Generation X make up about 45%, while the rest are younger customers. They are very interested in trying the experience at one of our wellness centers, partly because our prices are accessible.”

Where do the customers come from?

“In Italy, foreign tourists account for about 13%; everyone else is local. In France, the share is higher, around 40%, because of the nature of Chamonix. In New York, on the other hand, it is lower: Most customers are from the city, while tourists account for less than 10%. But we expect that figure to rise significantly.”

Have the ongoing wars dampened the company’s initial expectations?

“Wars are always a problem,” Varni says. “Mutual embargoes hurt tourism by disrupting travel flows, and they also affect energy costs, which undeniably have an impact.”

In any case, the group has embraced the idea of combating seasonality. Its strategy is to “export Italian-style wellness,” which Varni says is quite different from the way wellness is conceived in Northern Europe or East Asia. “In the first case, it is almost a cultural practice, while in the second it is much more focused on personal service.”

One final question: Is an IPO on the table?

“Not at the moment, and I don’t think it will be. If favorable conditions arose in the future to accelerate our growth, we would certainly consider all the options available.”