Thomas Cook owner Fosun to expand Casa Cook portfolio, despite doubling its losses

By Lisa James
20/08/2021
Home » Thomas Cook owner Fosun to expand Casa Cook portfolio, despite doubling its losses

The Chinese owner of Thomas Cook and Club Med is planning to expand, despite reporting a 2 billion yuan ($308 million) loss in the first six months of 2021, more than double the 889 million yuan loss of the previous year.

Revenue at Fosun Tourism Group, the tourism arm of Fosun International, fell to 2.78 billion yuan from 4.52 billion.

But the company remains bullish, saying global businesses have significantly rebounded since May, with China leading the recovery of the tourism industry.

It said that, while travel in the UK was restricted, it had focused on ‘upgrading digital platforms and launching brands in core European markets to gain awareness and scale’.

“We plan to further expand Casa Cook, Cook’s Club, Cook’s Home and other derivative brands worldwide, with not less than 30 hotels, including the hotels already opened, by the end of 2023,” Fosun said.

Club Med has been operating at lower capacity because of the pandemic, with its business volume decreasing 64% year-on-year in the first six months. In July, Club Med’s capacity was restored to 73% of the same pre-pandemic period.

Fosun Tourism Group Vice Chairman and Deputy CEO Henri Giscard d’Estaing said Club Med ‘will continue to renovate our existing resorts and prepare to open new destinations to drive our future profitable growth’.

He added: “Against the backdrop of the pandemic, people’s desire for holidays with freedom and safety is growing every day. Club Med’s offers match the expectation of tourists, especially that of family tourists. I am confident that we are ready to the rebound.”

It’s reported Fosun International owner Guo Guangchang is worth around $5.9 billion.

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