Chinese Fosun acquires 7.1% of French Club Med
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China's Fosun International, a privately listed company, has acquired 7.1 percent share capital of French corporation of vacation resorts, Club Mediterranean, becoming one of the Club's largest strategic investors, a joint statement said Sunday.
Their strategic partnership agreement is aiming to build comprehensive cooperation in upscale resort construction and operation as well as developing global business synergies, the statement said.
Citing China's significant position in Club Med's global expansion roadmap, the corporation's Chairman and Chief Executive Officer Henri Giscard d'Estaing said the new strategic partnership with Fosun would "write a new page" in the company' s history.
Fosun will not only use the partnership to share China's growth opportunities but also "benchmark itself with international brands and standards" to improve itself, Guo Guangchang, chairman of China's Fosun International said in the joint statement.
Club Med, Frence's world-renowned resort brand, is a listed corporation and has 80 resorts in more than 40 countries in the world.
With an annual revenue of more than 1.3 billion euros (about 1. 5 billion U.S. dollars), the Club Med has given China an important role in its plan for the next five years. It will expand services in upscale resorts in China by opening five villages between 2010 and 2015.
Established in 1992, Fosun Group now has widely diversified operations in pharmaceuticals, property development, steel, mining, retail, services and strategic investments, with annual revenue of more than 35 billion RMB (about 5.1 billion U.S. dollars).
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