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Saturday, 02 November, 2019, 19 : 22 PM [IST]

Chinese conglomerate Fosun buys Thomas Cook trademark at £11 m from liquidators

TCIL says its exclusive rights to use Thomas Cook brand name is protected till 2024
Chinese conglomerate Fosun has bought over the Thomas Cook trademark for £11 m from its liquidators, according to reports. With this, the Chinese company will have the exclusive right on world’s oldest tourism brands, Thomas Cook. As per the reports, Fosun will have exclusive access to Thomas Cook’s trademark websites, social media and softwares. 

The deal also encompasses Thomas Cook’s hotel brand, Casa Cook and Cook’s Club. 

Fosun, world’s leading leisure-focused integrated tourism groups, and the largest leisure tourism resorts group worldwide in terms of revenue in 2017, owns travel companies like ClubMed, Wolverhampton Wanderers. Fosun Tourism Group, also known as FOLIDAY had also invested in Thomas Cook, and had formed a joint venture ‘Kuyi’with Thomas Cook in China to provide premium tourism products and services. 

However, Thomas Cook India Limited (TCIL), which is a Fairfax Financial Holdings company, has clarified that the reported acquisition of the Thomas Cook trademark by Fosun will have no consequence on TCIL. The acquisition of the trademark excludes the regions of India, Sri Lanka and Mauritius which comes under TCIL. 

A statement attributed to Madhavan Menon, Chairman and Managing Director, Thomas Cook India, said, “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. The brand for these markets has been and continues to be protected for exclusive use by Thomas Cook India Limited (TCIL) until November 2024 as per a brand License agreement entered into in 2012 between Thomas Cook India promoters (since 2012) Fairfax Financial Holdings and the erstwhile Thomas Cook Plc.”
 
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