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JTB Group Acquires Kuoni Global Travel Services

The JTB Group has acquired all shares of Kuoni Travel Investment, i.e. Kuoni Global Travel Services, for an undisclosed sum. It will manage the new company under the JTB European managing company TPE.

JTB’s president & CEO Hiroyuki Takahashi said the acquisition is part of a plan to strengthen the inbound business from Asia to Europe. Kuoni Global Travel Services is one of the world’s leading travel companies with an important presence especially in Asian leisure and corporate groups visiting Europe, with high brand value from operating for more than 100 years.

Within the JTB family, Kuoni Global Travel Services will continue to operate as a neutral land operator to work with many companies other than JTB.

Insiders have been watching Kuoni closely for two reasons: it has been a major player in the European market for many years at the same time, in recent years, it has strategically been unloading portions of the company: Two years ago, the owner of German operator DER Touristik acquired Kuoni Group’s tour operating businesses.

A year later, EQT VII, the Swedish private equity company that owns Scandic Hotels purchased the Kuoni Group. The intention was to focus on the three core businesses of Kuoni: GTA, GTS (Kuoni Global Travel Services including Destination Management Specialists) and VFS.

Following that, EQT VII sold a chunk of Kuoni’s DMC network comprised of AlliedTPro US, Asian Trails, Austrailian Tours Management, Desert Adventures/Gulf Dunes Middle East and Private Safaris Africa, to Thomas Cook India.

The sale of Kuoni Global Travel Services (GTS), with its Group Travel Experts as well as the European and North American MICE businesses, to JTB Corporation, is the latest development.

To that end, Kuoni Group Travel Experts will continue as  a B2B organization that provides bespoke packaged tours for leisure and incentive groups and tour operators. Its Global MICE division curates meetings, events, incentives and congresses/conventions   for clients in Europe and North America, trading   under the Kuoni Destination Management, Kuoni Congress, and Conference & Touring brands. Both Kuoni Group Travel Experts and Global MICE (through Kuoni Destination Management) will retain its  New York office. 

The JTB Group is a Global Destination Management Company (Global DMC) with a worldwide network of 516 offices in 100 cities in 36 countries and regions, and with approximately 26,000 employees working together.

Some of Kuoni’s recent moves include:

– The GTA merger into the Hotelbeds Group, announced in April 2017. After a synergetic add-on acquisition in 2016, the merger into Hotelbeds represents a compelling opportunity for GTA to co-create a strong platform for future growth. EQT VII and the Kuoni and Hugentobler Foundation will remain invested in the Hotelbeds Group to support its future growth trajectory.

– The sale of the Destination Management Specialists (DMS) to Thomas Cook India Group, announced in April 2017.

–  The sale of Kuoni Global Travel Services (GTS), with its Group Travel Experts as well as the European and North American MICE businesses, to JTB Corporation.

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Kuoni Travel Holding Ltd.

Kuoni Travel Holding Ltd. oversees one of Europe's top five travel and tour groups. Based in Zurich, Switzerland, the company is particularly strong in both its domestic and U.K. markets, but is also present throughout Europe, especially in Scandinavia, with a rising presence in the United States and Asian markets. Kuoni Travel operates in three primary areas of business: Leisure Travel, which accounts for more than 85 percent of the company's sales; Business Travel, through its BTI unit, which handles travel coordination activities for the small and mid-sized and large-scale corporation markets; and Incoming Services, which provides travel destination services, such as touring and sightseeing packages. The company markets it high-end tours and travel packages under the Kuoni name. Discount travel packages are offered under the Helvetica brand name. Switzerland remains the company's single largest market, representing slightly less than one-third of its total sales. The U.K. and North American markets together provide less than one-third of sales. The European continent, including Scandinavia, added another roughly 30 percent to Kuoni's total sales, which topped SFr 4 billion in 2000. Kuoni has been stepping up the pace of its acquisitions at the turn of the century. After being thwarted in its attempt to merge with the United Kingdom's First Choice Holidays Plc, which would have helped the company create a counterweight to Europe's market-leading Preussag-Thomson alliance announced in early 2000, Kuoni has changed direction, targeting the Scandinavian, Indian, and North American markets for its future growth. Listed on the Swiss stock exchange, Kuoni is led by Chairman Daniel Affolter and President and CEO Hans Lerch.

Early Twentieth-Century Travel Pioneer

A native of Chur, Switzerland, Alfred Kuoni moved to Zurich to open a travel agency in 1906. If the company's name--Travel Bureau--was not all that original, Kuoni quickly established itself as a pioneer in exotic travel destinations. One of the company's first organized tour packages took Swiss citizens on a guided tour to far-off Egypt. In 1925, Kuoni reincorporated as a joint-stock company, with shares remaining within the Kuoni family. Through the years leading up to World War II, Kuoni expanded from its original location to include a number of sales offices throughout Switzerland. Despite its success in its home market, the company recognized early on that Switzerland was too small for its growing ambitions. The company also opened its first international office, in Nice, in the south of France. Further international moves were thwarted by the buildup to and outbreak of World War II.

Kuoni's international expansion began almost immediately after the end of the war. In 1948, the company opened its first international subsidiaries, in Italy and France. Kuoni also continued to pioneer new and exotic travel destinations, such as the organization of the first charter flights to Africa. In 1957, the Kuoni family established the Kuoni and Hugentobler Foundation under which to group their holding; much later, with Kuoni's public listing, the foundation would became the company's primary shareholder.

Kuoni began looking farther afield in the 1960s. In 1963, the company made its first entry into the Asian markets with the opening of a branch office in Japan. Two years later, Kuoni entered what was later to become one of its most important single markets when it acquired the United Kingdom's Challis & Benson Ltd. The importance of the U.K. market to Kuoni was seen at the beginning of the 1970s when the company changed its name--and its U.K. operations' name--to Kuoni Travel Ltd.

The company's listing on the Swiss stock exchange provided fuel for new growth, while opening up the company's shares to new partners, including SwissAir, which built up a 30 percent share in Kuoni. The public listing enabled the company to step up its international growth. After opening a subsidiary in Austria at the beginning of the decade, Kuoni now launched subsidiaries in Germany and Spain, both in 1973, and a subsidiary in Greece the following year. The year 1974 also saw Kuoni step up its position in the U.K. market, when it acquired Houlders World Holidays, based in England.

While building up its international network, Kuoni also was launching new products. In 1977, the company began marketing its first around-the-world tour. In the 1980s, Kuoni began to acquire properties in many of its most popular destinations, adding a number of hotels, including the Hawksbill Beach Hotel in Antigua in 1981 and the Discovery Bay Beach Hotel in Barbados, bought in 1984. In 1986, Kuoni became the first tour operator to offer around-the-world charter flights on the Concorde supersonic jet. Although this latter product catered to the company's strong high-end and high-margin clientele, Kuoni also launched a new brand name, Helvetica, to encompass its discount tour and travel operations.

Takeover Target in the 1990s

The worldwide travel industry remained highly fragmented in the 1990s, with numerous small-scale operators competing against a smaller number of quickly growing industry heavyweights. Kuoni, which had already captured the lead in the Swiss market, was determined to maintain a leadership position as the travel industry headed into a drawn-out consolidation drive leading up to the turn of the century. The company acquired Reiseburo NUR Neckermann in 1987, boosting its position in the Austrian market. Three years later, the company regrouped its Austrian activities, launching the NUR Neckermann Reisen AG joint venture with Germany's Neckermann Touristic. Kuoni's part of the joint venture remained at 49 percent.

Back home, the company continued to consolidate its dominance of the Swiss market, acquiring Privat Safaris, the country's leading operator of tours to eastern Africa, and Reiseburo Popularis, which combined retail offices with direct sales operations marketing discount tour and travel packages. Yet Kuoni's strong position in the Swiss market and its growing share internationally soon led it to become the target of a takeover attempt. The sale of SwissAir's 30 percent holding created the opening for Germany's Krauthof AG department store group to acquire a 50.1 percent majority of Kuoni in 1992.

Kuoni, through the Kuoni and Hugentobler Foundation, nonetheless retained majority control of the company's voting rights--which provided the leverage to the resolution of the takeover attempt. In 1995, the Kuoni and Hugentobler Foundation bought out Krauthof's stake in the company. The company then changed its name to Kuoni Travel Holding, a move that also reflected a new diversification drive: in 1995 the company acquired Danzas Reisen AG, a Switzerland-based specialist in business travel services. The Danzas acquisition led Kuoni to create a dedicated business travel unit. The company also acquired retailer Kewi Reisen, while integrating its majority share of Railtour Suiss SA, acquired the year before.

Industry Consolidator for the 21st Century

With its independence assured, Kuoni launched its own acquisition drive in the late 1990s. In 1996, Kuoni added France's Voice SA, and Scanditours, focused on the Nordic region. The company moved into The Netherlands with the acquisition of Special Traffic that same year. Kuoni also looked to the potentially huge market of India for the first time, acquiring SOTC Holiday Tours, which provided the basis for its Kuoni India Ltd. subsidiary. Two other acquisitions completed the company's busy years, those of Rotunda Tours, expanding Kuoni into South Africa, and CIS Intersport, a Swiss company catering to the growing demand for sports-oriented holiday packages. In 1996, also, the company's Edelweiss Air launched its charter flight operations.

Kuoni's expansion campaign continued strongly through the end of the century, including the launch of the P & O Travel Ltd. joint venture with Peninsular and Oriental Steam Navigation Company, based in Hong Kong, with offices in Bangkok and Singapore. The 1997 joint venture strengthened Kuoni's position in the Asian market, which, despite the austere economic climate in the region at the end of the decade, promised to become one of the world's stronger holiday markets. Closer to home, Kuoni continued lining up acquisitions, especially Voyages Jules Verne, a U.K. upscale tour operator, and Switzerland's Manta Reisen, which specialized in scuba and other deep-sea holidays. The company also acquired German business travel specialist Euro Lloyd Reisenburo, which it combined with its other German operations into the new subsidiary BTI Euro Lloyd, one of that market's top five business travel companies. Also in 1998, Kuoni launched a joint venture with Italy's Gastaldi Tours.

The next year saw Kuoni face a major setback. At the beginning of 1999, the company announced its agreement to merge with the United Kingdom's number three travel operator, First Choice Holidays. The merger, agreed to by both sides, was thwarted by a surprise takeover attempt from rival U.K. operator Airtours Plc, which offered a higher per-share price. When the majority of First Choice's shareholders chose to back the Airtours offer--which itself was blocked by the European monopolies commission--Kuoni pulled out of the merger talks.

The First Choice merger might have allowed Kuoni to become not only a major player in the U.K. travel market but to boost its position to the top ranks in all of Europe. After the collapse of the merger, however, Kuoni redirected its strategy to other markets. Three markets in particular were to receive its attention: the United States, Scandinavia, and India. In 1999, Kuoni acquired upscale travel company Intrav, based in St. Louis, Missouri; the Intrav acquisition, which cost Kuoni $115 million, gave it a strong opening into the booming U.S. market for luxury vacations. The following year, the company acquired T Pro, an incoming services specialist based in New York and the number three incoming services provider to the U.S. market.

The year 2000 saw Kuoni not only strengthen its hold on the Swiss travel market--taking a 49 percent share in ITV, Switzerland's third largest tour group and subsidiary of Germany's Preussag--but also expand its presence in its new target markets of Scandinavia and India. The first was served by the acquisition of 49 percent of Apollo Resor, based in Stockholm, Sweden, and then boosted by the acquisition of Denmark's Dane Tours. In March 2001, the company announced its decision to restructure most of its Scandinavian holdings into a single subsidiary.

On the Indian subcontinent, which represented one of the world's single largest potential markets, the company formed a cooperation agreement with that country's Tata conglomerate at the beginning of 2000. That year the company also acquired India's travel leader, Sita Travel, which was then merged into the company's Kuoni Travel subsidiary. Kuoni was now the leading travel group in India. As the company entered the new century, it promised to continue its acquisition drive to reinforce its new geographic objectives. To fuel its continued expansion, Kuoni performed a ten-for-one stock split, raising another SFr 144 million.

Principal Subsidiaries: Alletiders Rejser A/S (Denmark; 95%); Cosmos Internationales Reise- und Touristenburo GmbH (Austria); Edelweiss Air AG (73%); Euro Lloyd Reiseburo GmbH (Germany); Hellenic Tours SA (Greece); Jet Tours AG; Kuoni Gastaldi SpA (Italy; 55%); Kuoni India Ltd.; Kuoni Japan KK; Kuoni Reisen AG; Kuoni Travel Inc. (U.S.A.); Kuoni Travel Ltd (U.K.); Kuoni Travel Nederland BV; Kuoni Travel (Scandinavia) A/S (Denmark); Kuoni Utazasi Iroda Kft (Hungary); Manta Reisen AG (90%); P & O Travel Ltd. (Hong Kong); Railtour Suisse SA; Voyages Jules Verne Ltd (U.K.); Voyages Kuoni SA (France).

Principal Competitors: Airtours Plc; American Express Company; Carlson Wagonlit Travel; First Choice Holidays Plc; Preussag AG; Thomas Cook Holdings Ltd.

Source: International Directory of Company Histories , Vol. 40. St. James Press, 2001.

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Kuoni Travel Holding Ltd.

Neue Hard 7 CH-8010 Zurich Switzerland Telephone: (+41) 1-277-44-44 Fax: (+ 41) 1-271-52-82 Web site: http://www.kuoni.com

Public Company Incorporated: 1906 as Travel Bureau Employees: 6,552 Sales: SFr 4.11 billion (2000) Stock Exchanges: Swiss Ticker Symbol: KUNN NAIC: 561510 Travel Agencies; 561520 Tour Operators

Kuoni Travel Holding Ltd. oversees one of Europe ’ s top five travel and tour groups. Based in Zurich, Switzerland, the company is particularly strong in both its domestic and U.K. markets, but is also present throughout Europe, especially in Scandinavia , with a rising presence in the United States and Asian markets. Kuoni Travel operates in three primary areas of business: Leisure Travel, which accounts for more than 85 percent of the company ’ s sales; Business Travel, through its BTI unit, which handles travel coordination activities for the small and mid-sized and large-scale corporation markets; and Incoming Services, which provides travel destination services, such as touring and sightseeing packages. The company markets it high-end tours and travel packages under the Kuoni name. Discount travel packages are offered under the Helvetica brand name. Switzerland remains the company ’ s single largest market, representing slightly less than one-third of its total sales. The U.K. and North American markets together provide less than one-third of sales. The European continent, including Scandinavia, added another roughly 30 percent to Kuoni ’ s total sales, which topped SFr 4 billion in 2000. Kuoni has been stepping up the pace of its acquisitions at the turn of the century. After being thwarted in its attempt to merge with the United Kingdom ’ s First Choice Holidays Pic, which would have helped the company create a counterweight to Europe ’ s marketleading Preussag-Thomson alliance announced in early 2000, Kuoni has changed direction, targeting the Scandinavian, Indian, and North American markets for its future growth. Listed on the Swiss stock exchange , Kuoni is led by Chairman Daniel Affolter and President and CEO Hans Lerch.

Early Twentieth-Century Travel Pioneer

A native of Chur, Switzerland, Alfred Kuoni moved to Zurich to open a travel agency in 1906. If the company ’ s name — Travel Bureau — was not all that original, Kuoni quickly established itself as a pioneer in exotic travel destinations. One of the company ’ s first organized tour packages took Swiss citizens on a guided tour to far-off Egypt . In 1925, Kuoni reincorporated as a joint-stock company, with shares remaining within the Kuoni family. Through the years leading up to World War II , Kuoni expanded from its original location to include a number of sales offices throughout Switzerland. Despite its success in its home market, the company recognized early on that Switzerland was too small for its growing ambitions. The company also opened its first international office, in Nice, in the south of France . Further international moves were thwarted by the buildup to and outbreak of World War II .

Kuoni ’ s international expansion began almost immediately after the end of the war. In 1948, the company opened its first international subsidiaries, in Italy and France. Kuoni also continued to pioneer new and exotic travel destinations, such as the organization of the first charter flights to Africa. In 1957, the Kuoni family established the Kuoni and Hugentobler Foundation under which to group their holding; much later, with Kuoni ’ s public listing, the foundation would became the company ’ s primary shareholder.

Kuoni began looking farther afield in the 1960s. In 1963, the company made its first entry into the Asian markets with the opening of a branch office in Japan . Two years later, Kuoni entered what was later to become one of its most important single markets when it acquired the United Kingdom ’ s Challis & Benson Ltd. The importance of the U.K. market to Kuoni was seen at the beginning of the 1970s when the company changed its name — and its U.K. operations ’ name — to Kuoni Travel Ltd.

The company ’ s listing on the Swiss stock exchange provided fuel for new growth, while opening up the company ’ s shares to new partners, including SwissAir, which built up a 30 percent share in Kuoni. The public listing enabled the company to step up its international growth. After opening a subsidiary in Austria at the beginning of the decade, Kuoni now launched subsidiaries in Germany and Spain , both in 1973, and a subsidiary in Greece the following year. The year 1974 also saw Kuoni step up its position in the U.K. market, when it acquired Houlders World Holidays, based in England .

While building up its international network, Kuoni also was launching new products. In 1977, the company began marketing its first around-the-world tour. In the 1980s, Kuoni began to acquire properties in many of its most popular destinations, adding a number of hotels, including the Hawksbill Beach Hotel in Antigua in 1981 and the Discovery Bay Beach Hotel in Barbados, bought in 1984. In 1986, Kuoni became the first tour operator to offer around-the-world charter flights on the Concorde supersonic jet. Although this latter product catered to the company ’ s strong high-end and high-margin clientele, Kuoni also launched a new brand name, Helvetica, to encompass its discount tour and travel operations.

Takeover Target in the 1990s

The worldwide travel industry remained highly fragmented in the 1990s, with numerous small-scale operators competing against a smaller number of quickly growing industry heavyweights. Kuoni, which had already captured the lead in the Swiss market, was determined to maintain a leadership position as the travel industry headed into a drawn-out consolidation drive leading up to the turn of the century. The company acquired Reiseburo NUR Neckermann in 1987, boosting its position in the Austrian market. Three years later, the company regrouped its Austrian activities, launching the NUR Neckermann Reisen AG joint venture with Germany ’ s Neckermann Touristic. Kuoni ’ s part of the joint venture remained at 49 percent.

Back home, the company continued to consolidate its dominance of the Swiss market, acquiring Privat Safaris, the country ’ s leading operator of tours to eastern Africa, and Reiseburo Popularis, which combined retail offices with direct sales operations marketing discount tour and travel packages. Yet Kuoni ’ s strong position in the Swiss market and its growing share internationally soon led it to become the target of a takeover attempt. The sale of SwissAir ’ s 30 percent holding created the opening for Germany ’ s Krauthof AG department store group to acquire a 50.1 percent majority of Kuoni in 1992.

Kuoni, through the Kuoni and Hugentobler Foundation, nonetheless retained majority control of the company ’ s voting rights — which provided the leverage to the resolution of the takeover attempt. In 1995, the Kuoni and Hugentobler Foundation bought out Krauthof ’ s stake in the company. The company then changed its name to Kuoni Travel Holding, a move that also reflected a new diversification drive: in 1995 the company acquired Danzas Reisen AG, a Switzerland-based specialist in business travel services. The Danzas acquisition led Kuoni to create a dedicated business travel unit. The company also acquired retailer Kewi Reisen, while integrating its majority share of Railtour Suiss SA, acquired the year before.

Industry Consolidator for the list Century

With its independence assured, Kuoni launched its own acquisition drive in the late 1990s. In 1996, Kuoni added France ’ s Voice SA, and Scanditours, focused on the Nordic region. The company moved into The Netherlands with the acquisition of Special Traffic that same year. Kuoni also looked to the potentially huge market of India for the first time, acquiring SOTC Holiday Tours, which provided the basis for its Kuoni India Ltd. subsidiary. Two other acquisitions completed the company ’ s busy years, those of Rotunda Tours, expanding Kuoni into South Africa , and CIS Intersport, a Swiss company catering to the growing demand for sports-oriented holiday packages. In 1996, also, the company ’ s Edelweiss Air launched its charter flight operations.

Kuoni ’ s expansion campaign continued strongly through the end of the century, including the launch of the P &O Travel Ltd. joint venture with Peninsular and Oriental Steam Navigation Company, based in Hong Kong , with offices in Bangkok and Singapore . The 1997 joint venture strengthened Kuoni ’ s position in the Asian market, which, despite the austere economic climate in the region at the end of the decade, promised to become one of the world ’ s stronger holiday markets. Closer to home, Kuoni continued lining up acquisitions, especially Voyages Jules Verne , a U.K. upscale tour operator, and Switzerland ’ s Manta Reisen, which specialized in scuba and other deep-sea holidays. The company also acquired German business travel specialist Euro Lloyd Reisenburo, which it combined with its other German operations into the new subsidiary BTI Euro Lloyd, one of that market ’ s top five business travel companies. Also in 1998, Kuoni launched a joint venture with Italy ’ s Gastaldi Tours.

The next year saw Kuoni face a major setback. At the beginning of 1999, the company announced its agreement to merge with the United Kingdom ’ s number three travel operator, First Choice Holidays. The merger, agreed to by both sides, was thwarted by a surprise takeover attempt from rival U.K. operator Airtours Pic, which offered a higher per-share price. When the majority of First Choice ’ s shareholders chose to back the Airtours offer — which itself was blocked by the European monopolies commission — Kuoni pulled out of the merger talks.

Company Perspectives:

We are committed to creating best value for people: our customers, employees, shareholders and business partners. We strive to be successful in our core business activities: Leisure Travel, Business Travel and Incoming. We motivate our staff by encouraging entrepreneurship and innovation at all levels. We think and act internationally. We strive to enhance shareholder value. We support environmentally friendly solutions. Kuoni stands for reliability, best value for money, quality and fairness in business .

The First Choice merger might have allowed Kuoni to become not only a major player in the U.K. travel market but to boost its position to the top ranks in all of Europe. After the collapse of the merger, however, Kuoni redirected its strategy to other markets. Three markets in particular were to receive its attention: the United States , Scandinavia, and India. In 1999, Kuoni acquired upscale travel company Intrav, based in St. Louis, Missouri ; the Intrav acquisition, which cost Kuoni $115 million, gave it a strong opening into the booming U.S. market for luxury vacations. The following year, the company acquired T Pro, an incoming services specialist based in New York and the number three incoming services provider to the U.S. market.

The year 2000 saw Kuoni not only strengthen its hold on the Swiss travel market — taking a 49 percent share in ITV, Switzerland ’ s third largest tour group and subsidiary of Germany ’ s Preussag — but also expand its presence in its new target markets of Scandinavia and India. The first was served by the acquisition of 49 percent of Apollo Resor, based in Stockholm , Sweden , and then boosted by the acquisition of Denmark ’ s Dane Tours. In March 2001, the company announced its decision to restructure most of its Scandinavian holdings into a single subsidiary.

On the Indian subcontinent, which represented one of the world ’ s single largest potential markets, the company formed a cooperation agreement with that country ’ s Tata conglomerate at the beginning of 2000. That year the company also acquired India ’ s travel leader, Sita Travel, which was then merged into the company ’ s Kuoni Travel subsidiary. Kuoni was now the leading travel group in India. As the company entered the new century, it promised to continue its acquisition drive to reinforce its new geographic objectives. To fuel its continued expansion, Kuoni performed a ten-for-one stock split, raising another SFr 144 million.

Principal Subsidiaries

Alletiders Rejser A/S (Denmark; 95%); Cosmos Internationales Reise- und Touristenburo GmbH (Austria); Edelweiss Air AG (73%); Euro Lloyd Reiseburo GmbH (Germany); Hellenic Tours SA (Greece); Jet Tours AG; Kuoni Gastaldi SpA (Italy; 55%); Kuoni India Ltd.; Kuoni Japan KK; Kuoni Reisen AG; Kuoni Travel Inc. (U.S.A.); Kuoni Travel Ltd (U.K.); Kuoni Travel Nederland BV; Kuoni Travel (Scandinavia) A/S (Denmark); Kuoni Utazasi Iroda Kft ( Hungary ); Manta Reisen AG (90%); P &O Travel Ltd. ( Hong Kong ); Railtour Suisse SA; Voyages Jules Verne Ltd (U.K.); Voyages Kuoni SA (France).

Principal Competitors

Airtours Plc; American Express Company ; Carlson Wagonlit Travel; First Choice Holidays Pic; Preussag AG ; Thomas Cook Holdings Ltd.

Further Reading

Carey, Christopher, “ Intrav Accepts $115 Million Buyout from Swiss Travel Firm, ” St. Louis Post-Dispatch , July 20, 1999, p. C12.

Court, Mark, “ We ’ ll Fight Them on the Beaches, ” Sunday Telegraph , May 2, 1999, p. 6.

Drees, Caroline, “ Kuoni Slips on Capital Increase News, ” Reuters , March 28, 2000.

Gelnar, Martin, “ Kuoni ’ s First Choice Merger Seen Falling Through, ” Reuters , June 2, 1999.

“ Kuoni Maps Out European Expansion Strategy, ” Financial Times , March 29, 1999.

“ Kuoni on Hunt for Takeovers, ” Financial Times , March 29, 2000.

Pitcher, George, “ Patient Players Triumph in Travel Industry Takeovers, ” Marketing Week , May 18, 2000.

— M. L. Cohen

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Kuoni , the Swiss-based travel group, has put its outbound tour operator business up for sale in the latest sign of how the internet and low-cost airlines have disrupted the traditional bricks-and-mortar travel agent model.

The company, which ranks among the top five outbound travel agents in Europe by turnover, said it had decided to get out of the consumer travel market and focus instead on its three remaining business-to-business units due to “fundamental changes in the industry”.

Investors responded positively to the move, pushing the shares up 6 per cent to SFr331.50 in Zurich.

Traditional tour operators have struggled over the last decade as more people use online travel portals to book their own holidays, aided by the relatively cheap flights on offer from low-cost airlines.

Kuoni’s tour operating unit included its mass market Apollo brand in the Nordic countries, where it is the third-largest behind Tui and Thomas Cook , to its niche premium Kuoni brand in the UK. It also operates in its domestic Swiss market as well as the Benelux countries, Hong Kong and India — employing some 3,800 people worldwide.

But Kuoni’s largest business unit was a drag on group performance in 2014, generating revenues of SFr2.2bn, or 40 per cent of group turnover of SFr5.5bn, a drop of 2.8 per cent on 2013. Stripping out the travel agency business the three remaining units reported a rise in turnover of 1.1 per cent to SFr3.4bn.

In the first nine months of the year, the travel agency business reported an operating loss of SFr2.1m, dragged down by its Nordic business, while the three other business units combined made operating profits of SFr67.1m

Peter Meier, Kuoni’s chief executive, said the decision to sell was “not related to profitability” as he expected the business to break even in 2015 as the Nordic markets recover.

He said it had been more an issue of “best ownership,” and that the board had opted to seek a buyer after deciding the tour operating business “would always be second” behind the other units when it came to prioritising investment.

He expected digitalisation and the growth of the Asian market to continue to reshape the industry and said the board had decided it did not have the resources to compete.

Kuoni has appointed Morgan Stanley to oversee the sale during the course of 2015. It is possible that the business will be broken up, making valuation difficult. Kuoni said it would seek assurances from any buyer or buyers about the “continued employment” of its 3,800 staff worldwide.

Kuoni’s three remaining divisions include its global travel distribution unit, which is one of the biggest wholesalers of hotel accommodation ranging from some of the large global chains down to independent hotels. Mr Meier said Kuoni had a 7 per cent share of a global market worth about $30bn.

It will also retain its global travel services business, which provides services to inbound group travel, such as organising local transport, theatre tickets and sightseeing tours.

It plans to develop its highly profitable visa processing unit, which provides outsourced visa application processing to 45 governments around the world and has margins just under 20 per cent.

The company said it expected to take a SFr25m exceptional charge to cover the costs of selling its travel agency business.

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Kuoni puts tour operating business up for sale

• Published 14 January 2015

Swiss-based travel operator Kuoni is selling its tour operating business to concentrate on supplying others in the travel industry,

The company currently runs tours in the UK through 35 branded shops and in John Lewis, as well as in Switzerland, Belgium, the Netherlands, Scandinavia, Hong Kong, China and India.

The tours business employs 3,800 of its 8,000 employees worldwide.

Kuoni says , external all existing and future bookings will be honoured.

The company said the travel market environment was "likely to remain fast-changing, requiring travel companies to choose distinct development priorities".

It plans to focus on markets with what it sees as attractive, long-term growth potential such as Asia, the Middle East and Africa.

It added that by concentrating on providing services for other operators, it hoped to grow significantly faster than the global travel markets which, according to the World Tourism Organisation, would expand by 3.8% a year.

It said in a statement it "firmly believes that the outbound business can be better developed under new ownership".

It also said it would seek assurance about the continuation of the existing business locations and the continued employment of staff.

Kuoni was founded in 1906 and came to the UK 50 years ago. Its UK group includes the specialist businesses Carrier, Kirker, Voyage Jules Verne, CV Villas and Journeys of Distinction.

Kuoni Travel UK managing director Derek Jones said: "It's very much business as usual right now for all our staff and customers. We firmly believe that the outbound business can be better developed under new ownership and we'll be working closely with our colleagues in Switzerland to make sure we find the right buyers."

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In this article

Who is Kuoni?

• Which? verdict

Kuoni refund, cancellation and surcharge policy

Kuoni customer ratings, what’s kuoni like, should i book with kuoni.

Kuoni is a luxury holiday operator with more than 25 bricks and mortar branches in the UK. It offers a wide range of destinations from Tanzania to the Seychelles and New Zealand. All Kuoni’s trips are tailor-made to your specifications. You book a Kouni trip via one of its ‘personal travel experts’ over the phone, in store or via online video. 

Find out more:  What is a package holiday and why should you book one?

Which? verdict 

Kuoni is a Which? Recommended Provider for beach/resort holidays and family holidays. It’s not cheap but it offers top quality customer service and great accommodation.

Book a holiday with Kuoni

Kuoni is a Which? Recommended Provider (WRP) which means that as well as being one of the most highly rated holiday firms in our survey it has also guaranteed to offer a full refund, or free changes, if the Foreign Office (FCDO) changes its advice about your destination.

It has also promised that in 2024 it won’t apply any additional surcharges to holidays that have already been booked.

Using the table: Customer score: Based on a combination of overall satisfaction and how likely people are to recommend the company. In August 2022, we asked 8,361 Which? Connect panel members and the public to complete an online survey about their experiences of booking and going on holiday in the past two years. In September 2023 we asked 1,918 Which? Connect panel members about their experiences of an all-inclusive holiday.

If you’re after the holiday of a lifetime you want it to be perfect. While no holiday firm can guarantee that, Kuoni comes close. 

It received an impressive set of scores, placing it at the top of the table for family holidays, joint top for beach/resort holidays, and joint third in our table of tailor-made operators. 

Several readers spoke of ‘amazing customer service’, while many said how advisors really listen to what you want and do their utmost to provide it. ‘It feels like you’re travelling with experts,’ readers said. 

The glut of five-star ratings is testament to Kuoni’s attention to detail. For family holidays it received 5 star ratings across the board. And for beach holidays, the only less-than-perfect rating was four stars for value for money. This is perhaps because Kuoni is amongst the most expensive providers we reviewed, with the average price per day of a short-haul holiday at £153pp and the average long-haul holiday £214pp. 

Those who went to an all-inclusive resort with Kuoni were also very happy with their holiday, giving it an 81% customer score. However, it only received an average three-star rating for value for money in this category. 

Those who travelled with Kuoni on tailor-made holidays were also impressed,  giving the firm a customer score of 81% and five stars for organisation. However, it was beaten in this category by Audley Travel, with an exceptional 95% customer score, and Trailfinders, both WRPs.

Absolutely. Although it’s pricey, it’s a Which? Recommended Provider for beach/resort and family holidays with impeccable customer service and fabulous destinations to choose from. 

Kuoni is also a good choice for an all-inclusive holiday, or a tailor-made holiday, but was just beaten to the top of this table by Audley Travel and Trailfinders.

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Switzerland's Kuoni Group to sell travel assets to REWE

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Passenger Charter

• Stockholm Arlanda

Switzerland's Kuoni Travel Group says it has sold its tour and travel operations in the Swiss, UK, Scandinavia/Finland, and Benelux markets, to DER Touristik, the travel division of Germany's REWE Group. The value of the transaction, which includes Swedish charter specialist Novair (N9, Stockholm Arlanda ), the Playitas family, and a sports resort on Fuerteventura, has not been revealed though estimates have put it at around CHF125 million (USD133.8 million).

Kuoni Group announced in January this year that it would be exiting the traditional tour operator business in order to focus on its core business as a service provider to the global travel industry and governments. With the disposal, the Swiss company now consists of three divisions including Global Travel Distribution (GTD), Global Travel Services (GTS), and VFS Global.

The acquisition is subject to the approval by the relevant competition authorities in the EU and Switzerland and does not include the Swiss group’s tour operators in Hong Kong/China and India, which are to be sold separately.

Overall, the sale is expected to be completed in the third quarter of 2015.

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Your holiday, your way. Planned and perfected by our travel experts.

A Kuoni holiday is full of stories you’ll share for years to come. It begins with our destination experts seeking out the most amazing experiences, hotels and itineraries to share with you, so that you can get to know a destination in an exclusive way.

Each luxury holiday is tailor made. Tell us what luxury means to you – it might be the luxury of space and silence, the chance to take on new adventures, quality time together or time to prioritise self-care – and we’ll find it at the very best value.

We take care of the little details and arrange those added extras you wouldn't get with anyone else; that’s how we make sure you get the most out of your time away.

If you’d like advice from someone who’s been there, need help narrowing down your options or want to chat through your thoughts, you can call us, email us, make an appointment in-store, join a web chat or request a call-back – we’re here whenever you’re ready.

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You and your Kuoni holiday are in safe hands. All our holidays are ATOL protected, we’re members of ABTA (the leading travel industry association) and we always keep up to date with the latest government travel advice. You'll also have our full support throughout your travels, from our teams in resort and back in the UK.

Travel experts since 1906

We’ve been following in the path of our founder, Alfed Kuoni for over 100 years now. Visionary, adventurer and explorer, always seeking out new places, new experiences and easing the path for fellow travellers to share all he discovered. Little has changed.

Kuoni has grown to become the country’s leading longhaul tour operator, has picked up over 200 service and travel awards and has opened over 40 beautiful Kuoni stores.

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We’re here to take care of you at every step. We’ll make sure you have everything you need before you travel, look after you while you’re away and stay in touch when you’re back.

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We’re known for exceeding our customers’ expectations and this is reflected in the accolades we’ve received over the years. We're regularly voted the best luxury travel company in the UK and have been awarded Recommended Provider status by Which?, the UK's largest consumer organisation.

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We’re committed to making your holiday as incredible as possible. Following their booking with Kuoni, customers rated us on average 9.5 out of 10.

Sharna (Metro centre) and Clare Sweatman (dorking) have been nothing less than exceptional, they have made the entire process more simple and pleasant than I would of thought possible they both exemplify customer service and are utterly proactive in their jobs and a credit to the company.

Harriet Gibbons had done some excellent research for us, based upon preferences that we had given her prior to a personal visit to your Cheltenham Branch; the result was that we got exactly what we wanted - many thanks!

Charlotte Lofty exemplified the professionalism and empathy with a friendliness and helpfulness that puts Kuoni in the forefront of travel.

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U.S. Department of the Treasury

Media advisory: under secretary nelson and director gacki travel to columbus, ohio for beneficial ownership outreach event with rep. joyce beatty (d-oh).

WASHINGTON – On Tuesday, July 16, Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki will participate in a  beneficial ownership reporting outreach event in Columbus, Ohio, in partnership with Rep. Joyce Beatty (D-OH).

Under the Corporate Transparency Act—a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts—many small businesses are now required to report basic information to the Federal government about the real people who ultimately own or control them. During the event, Treasury officials will meet with small business owners and other key stakeholders to discuss these new reporting requirements. 

Filing is quick, secure, and free of charge. It is not an annual requirement: Unless a company needs to update or correct information, it only needs to file once. FinCEN expects that most companies will be able to file without the help of an attorney or accountant, and that the filing process for those with simple ownership structures may take 20 minutes or less. Companies that existed before 2024 have until January 1, 2025 to file, while companies created or registered in 2024 must file within 90 days of receiving creation/registration notice. More information, along with FinCEN’s E-Filing System, is available at  https://www.fincen.gov/boi .

Opening remarks at both events are open to press. Panelists will be available for on-site interviews ahead of opening remarks. If you wish to conduct an on-site interview, please RSVP to receive a copy of remarks as prepared for delivery under embargo in advance of the event.

Who: Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki

What: Beneficial ownership outreach event with Rep. Joyce Beatty (D-OH) 

When: Tuesday, July 16 th , 12:30 – 1:30 p.m. ET; on-site interviews available beginning at noon

Where: Embassy Suites by Hilton Columbus Airport, 2886 Airport Drive, Columbus, OH 43219

Media interested in covering this visit should RSVP to  [email protected] by 5:00 p.m. ET on Monday, July 15, to ensure they receive any relevant logistical information.

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July 2024 asx leaders with high insider ownership and strong growth prospects.

As the Australian market experiences a positive uptick, with the ASX200 poised to climb over one percent this morning following robust gains on Wall Street, investors are keenly observing trends and opportunities. In such an environment, growth companies with high insider ownership can be particularly appealing, as they often signal strong confidence from those closest to the company's operations and future.

Top 10 Growth Companies With High Insider Ownership In Australia

Click here to see the full list of 91 stocks from our Fast Growing ASX Companies With High Insider Ownership screener.

We're going to check out a few of the best picks from our screener tool.

Emerald Resources

Simply Wall St Growth Rating: ★★★★★☆

Overview: Emerald Resources NL is a company focused on the exploration and development of mineral reserves in Cambodia and Australia, with a market capitalization of approximately A$2.53 billion.

Operations: The company generates revenue primarily from mine operations, totaling A$339.32 million.

Insider Ownership: 18.5%

Emerald Resources has demonstrated robust growth with a 53.4% increase in earnings over the past year. Despite some shareholder dilution, EMR is poised for substantial future growth, with earnings expected to rise significantly at an annual rate of 23.2% and revenue forecasted to grow at 18.6% per year, both outpacing the Australian market averages of 13% and 5.3%, respectively. Additionally, EMR's Return on Equity is projected to be high at 20.7% in three years' time.

Click to explore a detailed breakdown of our findings in Emerald Resources' earnings growth report.

Our comprehensive valuation report raises the possibility that Emerald Resources is priced higher than what may be justified by its financials.

Flight Centre Travel Group

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Flight Centre Travel Group Limited operates as a travel retailer serving both leisure and corporate sectors across regions including Australia, New Zealand, the Americas, Europe, the Middle East, Africa, and Asia with a market capitalization of approximately A$4.71 billion.

Operations: The company generates revenue primarily through its leisure and corporate travel services, totaling A$1.28 billion and A$1.06 billion respectively.

Insider Ownership: 13.3%

Flight Centre Travel Group, while not the top in its class, shows promise with earnings forecasted to grow by 18.84% annually, outpacing the Australian market's 13%. This growth is supported by a solid forecast Return on Equity of 21.8% in three years. Despite slower revenue growth projections at 9.7% yearly, this still exceeds the market average of 5.3%. The stock is currently valued at 31% below its estimated fair value, indicating potential for appreciation.

Unlock comprehensive insights into our analysis of Flight Centre Travel Group stock in this growth report.

Our valuation report unveils the possibility Flight Centre Travel Group's shares may be trading at a discount.

Overview: Mesoblast Limited, operating in Australia, the United States, Singapore, and Switzerland, focuses on developing regenerative medicine products with a market capitalization of approximately A$1.25 billion.

Operations: The company generates revenue primarily from its development of adult stem cell technology platform, totaling $7.47 million.

Insider Ownership: 22.6%

Mesoblast, an Australian biotech firm, shows potential with insider buying trends and is forecasted to become profitable within three years. Despite some shareholder dilution over the past year, earnings are expected to grow by 48.83% annually. Recent developments include the resubmission of its BLA for Ryoncil, targeting a high-mortality pediatric condition, which has received Fast Track and Priority Review designations from the FDA. However, trading at 89.7% below estimated fair value suggests significant undervaluation or investor caution regarding its prospects.

Click here to discover the nuances of Mesoblast with our detailed analytical future growth report.

Insights from our recent valuation report point to the potential undervaluation of Mesoblast shares in the market.

Seize The Opportunity

Navigate through the entire inventory of 91 Fast Growing ASX Companies With High Insider Ownership here.

Got skin in the game with these stocks? Elevate how you manage them by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes.

Discover a world of investment opportunities with Simply Wall St's free app and access unparalleled stock analysis across all markets.

Looking For Alternative Opportunities?

Explore high-performing small cap companies that haven't yet garnered significant analyst attention.

Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence.

Find companies with promising cash flow potential yet trading below their fair value .

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years.

Companies discussed in this article include ASX:EMR ASX:FLT and ASX:MSB

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

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The Secret Service is investigating how the man who shot Trump got as close as he did

The Associated Press

Police snipers return fire after shots were fired while former President Donald Trump was speaking at a campaign event in Butler, Pa., on Saturday. Gene J. Puskar/AP hide caption

The U.S. Secret Service is investigating how a gunman armed with an AR-style rifle was able to get close enough to shoot and injure former President Donald Trump at a rally Saturday in Pennsylvania, a monumental failure of one the agency's core duties.

The gunman, who was killed by Secret Service personnel, fired multiple shots at the stage from an "elevated position outside of the rally venue," the agency said.

An Associated Press analysis of more than a dozen videos and photos taken at the Trump rally, as well as satellite imagery of the site, shows the shooter was able to get astonishingly close to the stage where the former president was speaking. A video posted to social media and geolocated by the AP shows the body of a man wearing gray camouflage lying motionless on the roof of a manufacturing plant just north of the Butler Farm Show grounds, where Trump's rally was held.

The roof was less than 150 meters (yards) from where Trump was speaking, a distance from which a decent marksman could reasonably hit a human-sized target. For reference, 150 meters is a distance at which U.S. Army recruits must hit a scaled human-sized silhouette to qualify with the M16 assault rifle in basic training. The AR-15, like the shooter at the Trump rally had, is the semi-automatic civilian version of the military M16.

Trump is fine after an assassination attempt at his rally

The FBI early Sunday identified the shooter as Thomas Matthew Crooks, 20, of Bethel Park, Pa.

The Secret Service didn't have anybody at a late-night news conference where FBI and Pennsylvania State Police officials briefed reporters on the shooting investigation. FBI Special Agent in Charge Kevin Rojek said it was "surprising" that the gunman was able to fire at the stage before he was killed.

Members of the Secret Service's counter sniper team and counter assault team were at the rally, according to two law enforcement officials. The officials spoke on condition of anonymity because they weren't authorized to discuss details of the investigation.

The heavily-armed counter assault team, whose Secret Service code name is "Hawkeye," is responsible for eliminating threats so that other agents can shield and take away the person they are protecting. The counter sniper team, known by the code name "Hercules," uses long-range binoculars and is equipped with sniper rifles to deal with long-range threats.

U.S. Secretary of Homeland Security Alejandro Mayorkas said his department and the Secret Service are working with law enforcement to investigate the shooting. Maintaining the security of presidential candidates and their campaign events is one of the department's "most vital priorities," he said.

"We condemn this violence in the strongest possible terms and commend the Secret Service for their swift action today," Mayorkas said. "We are engaged with President Biden, former President Trump and their campaigns, and are taking every possible measure to ensure their safety and security."

The Picture Show

Photos: see how the trump rally shooting unfolded.

Calls for an investigation came from all sides.

James Comer, a Kentucky Republican who is the House Oversight Committee chairman, said he contacted the Service Service for a briefing and called on Director Kimberly Cheatle to appear for a hearing. Comer said his committee will send a formal invitation soon.

"Political violence in all forms is unamerican and unacceptable. There are many questions and Americans demand answers," Comer said in a statement.

U.S. Rep. Ritchie Torres, a New York Democrat, called for investigating "security failures" at the rally.

"The federal government must constantly learn from security failures in order to avoid repeating them, especially when those failures have implications for the nation," Torres said.

Wisconsin Gov. Tony Evers, a Democrat, posted on X that he and his staff are in contact with security planning coordinators ahead of the Republican National Convention set to begin Monday in Milwaukee. "We cannot be a country that accepts political violence of any kind — that is not who we are as Americans," Evers said.

The FBI said it will lead the investigation into the shooting, working with the Secret Service and local and state law enforcement.

Attorney General Merrick Garland said the Justice Department "will bring every available resource to bear to this investigation."

"My heart is with the former President, those injured, and the family of the spectator killed in this horrific attack," Garland said in a statement. "We will not tolerate violence of any kind, and violence like this is an attack on our democracy."

• Donald J. Trump