If professionals keep a contrasting image of Thomas Cook because of its bankruptcy filing in September 2019. Yet the brand does not seem to be rejected by holidaymakers. In the meantime, the Chinese group, Fosun, wants to part with it in order to reduce its debts. The group told analysts in October 2022 that it expected to sell up to $11 billion in non-core assets within 12 months, Bloomberg reported. Assets he considers essential include pharmaceutical and insurance interests. Fosun remains a 79% shareholder of the Fosun Tourism Group.
Fosun Tourism Group is in preliminary talks with a number of potential buyers for the online travel agency which distributes primarily in the UK. The sale of a minority stake is also planned. Fosun Tourism Group said bookings were up 340% year-on-year. The group would announce 80,000 customers in the United Kingdom.
Club Med is also concerned
The Chinese conglomerate has been working with Rothschild bankers on Club Med for months. Club Med bookings are about 30% higher than pre-pandemic levels. 70% of Club Med sales are direct worldwide. This is a real asset!