Cook moves to Russia
Posted: Fri 26 Nov, 2010 11:15 AM
Thomas Cook has entered into a joint venture with VAO Intourist, one of Russia s oldest travel agencies. The partnership will see the UK-based tour operator move into the fast-growing Russian market, according to a report in TourExpi. More than six million Russians went on overseas, packaged holidays last year, and the market is expected to grow by a double-digit percentage in the coming years.
VAO Intourist is majority owned by Russian consumer services firm Sistema, with the remainder held by the Moscow city government. The venture will utilise Thomas Cook's scale in accommodation and purchasing in key holiday destinations, as well as its IT systems.
Thomas Cook will initially acquire a 50.1% stake in the new company for a maximum of US$45-million.
