Club Med owner Fosun eyes acquisitions in North America tourism market

Chinese conglomerate Fosun International is looking to gain a bigger foothold in North America’s tourism and leisure market through acquisitions, as the owner of Club Med SAS launches a new product line for China.

“We’re interested in anything related to the tourism sector, from travel agencies and resort brands to recreational content providers,” Qian Jiannong, senior vice president of Fosun International, said in an interview on Saturday in Qinhuangdao, a port city three hours’ drive east of Beijing, where Club Med unveiled a new line of resorts named Joyview.

A bigger presence in North America would complement Club Med and Fosun’s tourism portfolio, which generates most of its revenue from Europe and Asia, according to Qian, who also chairs Fosun Tourism and Culture Group.

Unlike other Club Med resorts that are more destination-driven, Joyview retreats are mid-scale getaways typically a couple of hours drive from major cities, targeted at Chinese millennial travellers and multi-generational families, while also serving corporate functions such as conferences and team-building.