Thomas Cook buys Sri Lankan destination management company Luxe Asia

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MUMBAI | NEW DELHI: Travel firm Thomas Cook has acquired Luxe Asia, one of the top destination management companies in Sri Lanka, for an undisclosed sum. Thomas Cook managing director Madhavan Menon did not give any financial details of the deal but said Luxe will continue to be an independent firm with representation from Thomas Cook on its board of directors. Luxe is part of Sri Lankan hotel major Ceylon Hotels.

The acquisition gives Thomas Cook a presence in Sri Lanka and the Indian Ocean region along with synergies in its key business segments, the company said. "We have always viewed Sri Lanka as an inbound market that will flourish post the end of the crisis in Sri Lanka, and we have been scouting for an inbound business in the market for quite some time which could cater to both Thomas Cook and non-Thomas Cook business," said Menon.

On Thursday, shares of Thomas Cook closed 1.07 per cent higher on the BSE at Rs 227. Luxe, which also has joint venture operations in Duba i and Maldives, handles about 6,000 inbound tourists, many of them Indians, every year. Thomas Cook expects this figure to grow to anywhere around 50,000 tourists in next five years. In the first half of 2015, Sri Lanka saw a 27.3 per cent year-on-year growth in Indian tourist arrivals.

India is Sri Lanka's top source market with 242,734 inbound tourists in 2014, up by 16.2 per cent compared to 2013, according to data on Sri Lanka's tourism ministry website. In Sri Lanka, Luxe provides local destination information and arranges ground service, including hotel accommodation and transportation. "Luxe Asia is on the cusp of growth and we expect that during the current year, it will add to our profitability in a marginal manner but starting next year it will be significant," Menon said.


Source: Thomas Cook buys Sri Lankan destination management company Luxe Asia

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