TUI Travel Looks Beyond Europe for Clients
21.05.12
HANOVER, Germany — German travel group TUI is eyeing a new wave of holidaymakers from emerging countries such as Brazil, Russia, India and China for future growth after setting out plans to exit its shipping interests.
TUI, which controls Europe's largest travel group TUI Travel, said a deal Tuesday to sell part of its stake in shipper Hapag-Lloyd with the option either to float or sell the rest to other investors was an important step in its long-held aims to cut debt and focus on tourism activities.
Chief executive Michael Frenzel said TUI would now look at bringing holidaymakers from countries such as China, Russia, Ukraine and also India and Brazil to Europe.
TUI last year became the first European tour operator to win a license to organize international travel for Chinese holidaymakers, who industry experts expect will overtake Germans as the world's biggest spenders on holidays within the next few years.
Source: The Moscow Times