March 29, 2023: On Monday, Club Med is “very optimistic” regarding China’s reopening, an executive from Fosun Tourism Group said, adding that the luxury resort chain is “definitely not for sale.”
On Monday, Xu Bingbing, its co-president, told in an exclusive interview that “Fosun Tourism Group is from the core businesses of Fosun, and Club Med is one of the core firms of Fosun Tourism Group.” The Fosun Tourism team is the leisure arm of the Chinese conglomerate Fosun International.
In November, Bloomberg reported that Fosun International is exploring “strategic options” for Club Med to reduce debt.
“We are happy to see if partners in different parts of the world can provide synergy for us, but Club Med is not for sale,” said Xu, the CEO of Club Med China.
While there’s been a “huge demand for outbound travel” since China’s reopening, there’s still little catching up to do, Xu acknowledged.
“So far, the air capacity from our huge sourcing market to major destinations is not yet there.”
Xu added that he foresees the peak of outbound travel this summer, along with increasing per capita spending of its “target clients.”
There was a significant rebound in Club Med’s firm from the Americas and EMEA in the second half of 2021. However, operating profit in Asia-Pacific is still “far less than the pre-Pandemic level,” Fosun Tourism Group said in its 2022 revenues release.
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