Tour operator Thomas Cook has acquired Luxe Asia, a destination management company in Sri Lanka, to grow its overseas business. The company did not disclose the deal size, which was carried out through its Sri Lankan subsidiary.
Currently Thomas Cook only operates foreign exchange stores in Sri Lanka. A destination management company arranges ground service at a destination including hotel accommodation, transport, meet and greet services and helps plan itineraries for tour operators. Based in Sri Lanka, Luxe Asia is focussed primarily on inbound tourism from key global markets and services both tour operator and traveller segments across its ten destinations in the Indian Ocean Region and Asia. It has two joint ventures in South East Asia and UAE. “Thomas Cook acquisition of Luxe Asia gives it significant presence in Sri Lanka with destination management capabilities in Sri Lanka and the Indian Ocean region; also synergies with its key business lines of outbound, inbound and corporate MICE (meeting-incentive tour segment),” the company announced in a statement today. Commenting on the acquisition, Madhavan Menon, Managing Director, Thomas Cook (India) said: “Our acquisition of Luxe Asia reiterates delivery of our strategic intent of establishing a global Destination Management presence. Luxe Asia will continue to focus on its core domain of Inbound Tourism across key global source markets."