Fosun Tourism Embarks On New Journey With Departure Of Big-Name Director
Portfolio Pulse from The Bamboo Works
Henri Giscard d’Estaing, co-CEO of Fosun Tourism and president of Club Med, has resigned from the board of Fosun Tourism. Despite rumors of a potential sale of Club Med due to Fosun's debt, the company's improved financials make a sale less likely. Fosun Tourism's revenue rose 39% in the first half of 2023, and Club Med's bookings for the second half of 2023 are up 23% from the same period in 2019. The company plans to open 17 new resorts in the next three years, focusing on growth in China and Southeast Asia.
January 03, 2024 | 2:13 pm
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Marriott International, a competitor to Fosun Tourism, may be indirectly affected by Fosun's strategic shifts and Club Med's growth, particularly in Asia.
While Marriott International is not directly involved in the news, the strategic developments at Fosun Tourism and Club Med's success could have competitive implications for Marriott, especially in the Asian market where both companies operate. However, given Marriott's size and global presence, the impact is likely to be limited in the short term.
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