Fosun-Thomas Cook JV aims at affluent Chinese travelers
Thomas Cook set up a high-end travel agency with Fosun in a bid to capture a more lucrative slice of China’s booming vacation market.
Thomas Cook, Europe’s second-largest tour operator, set up a high-end Chinese travel agency with minority shareholder Fosun International in a bid to capture a more lucrative slice of China’s booming vacation market.
The agency will sell overseas holidays to the wealthiest 20% of Chinese travelers, and guide them beyond major European destinations, aiming to make China a “substantial” part of Thomas Cook’s business.
Shanghai-based Fosun expects the number of Chinese traveling outside the country to grow by as much as 20% annually.
Fosun, which owns 8.2 percent of 180-year-old British operator Thomas Cook, will use its resources globally to support the tour operator’s online travel services and other areas.
The companies also announced that the London-based operator and Fosun-owned Club Mediterranee will set up closer tie. The companies have also launched a fund -- mostly financed by Fosun -- allowing Thomas Cook to buy as many as 50 hotels.
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