Kuoni will switch its focus to visas and hotel bookings
Keystone
Swiss travel agency Kuoni is selling off its tour operating arm. A buyer is now being sought for the business with 3,800 employees and a yearly turnover of CHF2 billion ($1.9 billion).
This content was published on
1 minute
swissinfo.ch and agencies
The company organises and sells trips in Switzerland, Britain and numerous other countries. After a strategic assessment of the situation, Kuoni said a decision was taken to re-position the company and focus on “growth-oriented” aspects of the business, including supplying services to the global travel industry.
The company put the sale down to a change in market conditions and the many challenges this has brought about for the industry.
On the one hand, Kuoni will act as a broker of hotel rooms to other travel agencies, while on the other, it will continue to arrange group trips through the division Global Travel Services.
The company also runs visa application services on behalf of 45 governments in 117 countries. They currently have a 50% market share of this line of business worldwide.
The Kuoni group wrote in a media release that they will endeavour to keep their offices in Switzerland and to secure the continued employment of the staff.
By its own estimation, Kuoni is one of the five biggest operators of individual and package holidays in Europe. The part of the company to be sold off currently brings in around 40% of Kuoni’s annual turnover.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Kuoni announces British acquisition
This content was published on
Kuoni said on Monday it will pay $720 million (SFr660 million) for GTA which would be financed through a new credit facility worth SFr600 million. It will also look to raise an additional SFr250 million via a discounted share offer from the privately-owned US-based Travelport. “In acquiring GTA, Kuoni is investing in one of the…
This content was published on
Switzerland closed its airspace for several days to protect aircraft from the cloud of volcanic ash spreading across Europe from Iceland. Even after it was reopened on Tuesday, a number of flights still had to be cancelled. The costs will be incorporated into Kuoni’s quarterly figures. Kuoni said almost all its 7,500 clients with a…
This content was published on
As global tourism continues to expand – largely driven by Asian visitors – so does the need for professionals who can manage its new complexities and subtleties. This is why Switzerland’s most prestigious hotel school has joined forces with Chinese and American institutions.
This content was published on
Turnover fell by 19.8 per cent to SFr3.89 billion in results posted on Tuesday. The group said business was adversely affected by the global economic crisis, repercussions from the swine flu pandemic and substantial losses due to currency movements. While travel bookings for 2010 showed a slight but steady improvement on the same time last…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.