Club Med mulls expansion into Cambodia and Vietnam
Sunday 26 June 2011
Upmarket holiday resort company Club Med is looking at expanding into Cambodia and Vietnam, after its success in China.
Henri Giscard d'Estaing, its chairman and chief executive, said: "The very sharp improvement in first-half results and the increase in the number of our customers ... have demonstrated the effectiveness of our strategy." Club Med has been moving upmarket and is now in 34 countries, from Brazil to Oman. It has one resort in China and has three other projects, at beach and cultural sites in the country, in the pipeline. It is targeting 5 to 10 per cent of the higher-end resort market by 2015 in China. In the UK, the number of customers rose from 27,000 in 2006 to more than 40,000 this year. Interim revenue was up 11 per cent to €754m (£669m) and net income before tax doubled from the previous year to €28m.
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