From having journalists camped outside its offices to now rebuilding a brand with over 180 years of heritage, Thomas Cook has begun anew as an online travel agency (OTA) with digitisation and customer-centricity at its core.
It seemed the end for the high street staple as Thomas Cook received winding-up orders on 23 September 2019, as the business failed to secure £200m in bank loans to clear some of its mountainous debt, which amounted to over £1bn.
Eventually, Chinese conglomerate Fosun acquired Thomas Cook’s brand assets for £11m on 1 November, there beginning the rebuild of the brand.
A pivotal moment in convincing Fosun to invest was showcasing how the Thomas Cook brand still had salience with the British public and had the potential to return to what it was.
In fact, the brand is actively emulating startup culture, which the chief marketer believes will foster a customer-centric attitude.
However, Thomas Cook is a startup in the fortunate position of having strong brand equity, which drives 30% to 40% of web traffic and greatly affects cost per acquisition, she noted.
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