Chinese conglomerate Fosun Tourism is planning to revive its previously acquired Thomas Cook Brand after the global travel industry recovers. The Shanghai-based company is reportedly in the process of establishing a new online travel booking platform under the iconic brand name.
According to sources familiar with the matter, Fosun is positioning the platform to tap into the eventual resurgence in travel demand in the UK after the effects of the pandemic subside. Fosun is reportedly also waiting for further stability in the UK government's still active travel restrictions to mitigate the further spread of the virus.
The same sources claim that if the situation gets better, Fosun could launch the new platform by the end of the month. However, the decision to launch the platform still remains uncertain as UK health officials have warned that coronavirus cases in the region still remain at elevated levels.
On Monday, the UK reported 2,948 new coronavirus cases. This was a slight reduction in the 2,988 new cases reported on Sunday, which was the highest on record since May. New cases have reduced since the height of the pandemic, which saw new cases breach the 6,000-mark.
The company, which is owned by business tycoon Guo Guangchang, is currently in the process of positioning its global travel assets to take advantage of the expected travel demand resurgence. Apart from Thomas Cook, Fosun also owns other entertainment and travel brands such as Club Med and Cirque du Soleil.
Fosun originally purchased the brand after having provided a rescue package and taking over its tour operations and debts. In November 2019, Fosun announced that it had outright acquired the brand for around $14.22 million in an attempt to salvage the brand name from bankruptcy. When it paid to acquire Thomas Cook Group's intellectual properties last year, Fosun Tourism also took over the trademarks of the company's Cook's Club hotel brand and its Casa Cook brand.
The Chinese firm is heavily banking on the brand's 178-year old history and its popularity in Europe. The new platform will reportedly be different from the previous business model bearing the Thomas Cook brand as it will be focusing more on the lifestyle aspects of the travel industry.
