The sale of the Thomas Cook brand to Fosun Tourism of China excludes India, Mauritius, and Sri Lanka, which means the Indian entity retains the right to use the brand name till 2024, the tour operator said on Saturday.
On Friday, the Chinese group acquired Thomas Cook and it’s related hotel brands for $14.25 million. This includes trademarks, domain names, software and licences of the British travel firm. The UK tour operator shut down in September after it failed to secure emergency funds.
The licences to use the Thomas Cook brand in India and the other two countries were carved out separately at the time of Thomas Cook India’s sale to Fairfax in 2012, and therefore were not part of Friday’s transaction.
“With regards 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,” said Thomas Cook India chairman Madhavan Menon.
“The brand for these markets has been and continues to be protected for exclusive use by Thomas Cook India until November 2024, according to a brand license agreement entered into in 2012 between Thomas Cook India’s promoters Fairfax Financial Holdings (since 2012), and the erstwhile Thomas Cook Plc,” he added.
Thomas Cook India pays an annual licence fee of Rs 2 crore, and is set to begin the process of brand transition next year.