News

Thomas Cook and Club Med owner reports ‘significant progress’ in Covid recovery

UK business volume at Thomas Cook achieved an eight-fold year-on-year growth in the first quarter of the year.

The performance of the relaunched online version of the iconic brand came in an update from owner Fosun Tourism Group without detailing numbers.

The Chinese company also pointed to its wholly-owned Club Med subsidiary “leading the recovery” of the global leisure and holiday sector with bookings for the second half of the year exceeding pre-pandemic 2019 levels by 3%.

This followed five-fold year-on-year growth in the first quarter of 2022, bringing a “sharp turnaround” in net profit.

The two major regional markets for the all-inclusive resort operator in EMEA and the Americas have also outperformed the industry, according to Fosun.

The company said: “In April this year, the group announced the turnaround of its business in the first quarter of 2022. 

“Since then, international brands including Club Med, Thomas Cook and Casa Cook, all under Fosun Tourism, have actively seized on opportunities created by the recovery of the global tourism industry and have achieved significant progress.

“In addition to operating performance, the easing of Covid prevention measures is also worth anticipating, leading to more Club Med resorts resuming operations in 2022.”

Club Med Magna Marbella Resort (pictured) commenced operations in May and will also open Kiroro, its third resort in Hokkaido in Japan, by the coming snow season.

Fosun added: “Outside Club Med, global businesses Thomas Cook and Casa Cook under the group, have also achieved positive progress. 

“In the first quarter of this year, UK business volume of Thomas Cook, the century-old travel agency brand, achieved an eight-fold year-on-year growth. 

“The brand broke ground in the Netherlands in March and on top of its original partnerships, it expanded the European business by adopting digital business models through the use of websites and apps. 

Casa Cook also accelerated its expansion in Europe with properties opening in Samos and Mykonos.

Fosun Tourism Group chairman and chief executive Qian Jiannong said: “As increasingly more countries around the world have lifted travel restrictions, Fosun Tourism’s global presence will continue to serve as an advantage and point of distinction, driving a strong recovery of the company’s business performance going forward. 

“In China, different regions have taken various initiatives to drive a rebound in the tourism industry. 

“Fosun Tourism is also preparing for an upturn in tourism, now that its businesses have resumed operations. 

“It will continue to leverage the advantages of global presence and competitive products to grasp growth momentum in different regions, and take the lead in developing the global tourism industry.”

Share article

View Comments

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.