Travel firm Thomas Cook India said the sale of the Thomas Cook brand to China’s Fosun does not include the regions of India, Sri Lanka and Mauritius. The Chinese conglomerate had on Friday snapped up the Thomas Cook brand for $14.2 million, which includes trademarks, domain names, software and licences of the British travel firm.
“With regard to recent media reports pertaining to the sale of the Thomas Cook Global brand to Fosun of China, it is imperative to clarify that the reported sale of the Global Thomas Cook brand to Fosun of China does not include the regions of India, Sri Lanka and Mauritius,” Thomas Cook India chairman and managing director Madhavan Menon said in a statement.
The brand for these markets has been and continues to be protected for exclusive use by Thomas Cook India Ltd (TCIL) until November 2024 as per a brand licence agreement entered into in 2012 between Thomas Cook India’s promoters Fairfax Financial Holdings and erstwhile Thomas Cook Plc, he added.
Fosun was the largest shareholder in Thomas Cook and had pledged to inject fund in the company. However, plans to rescue one of the oldest travel companies collapsed and Thomas Cook was declared bankrupt in September.
“The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism,” said Qian Jiannong, chairman, Fosun.