global business travel inc

The Offer is being made to all holders of the Company’s Warrants, consisting of (i) the Warrants sold as part of the units in Apollo Strategic Growth Capital’s (“APSG”) initial public offering of APSG’s securities on October 6, 2020 (“IPO”) (whether they were purchased in the IPO or thereafter in the open market) (the “Public Warrants”) and (ii) the Warrants sold as part of the units in a private placement that occurred simultaneously with the IPO (the “Private Placement Warrants”). The Company is offering to all holders of the Warrants the opportunity to receive 0.275 shares of Class A common stock, par value $0.0001 per share (“Class A Common Stock”) in exchange for each Warrant tendered by the holder and exchanged pursuant to the Offer. Pursuant to the Offer, the Company is offering up to an aggregate of 10,849,043 shares of its Class A Common Stock in exchange for the Warrants.

Concurrently with the Offer, the Company is also soliciting consents from holders of the Public Warrants and the Private Placement Warrants to amend the warrant agreement that governs all of the Warrants (the “Warrant Agreement”) to permit the Company to require that each Warrant that is outstanding upon the closing of the Offer be converted into 0.2475 shares of Class A Common Stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). Pursuant to the terms of the Warrant Agreement, the vote or written consent of holders of at least 50% of the outstanding Public Warrants and 50% of the outstanding Private Placement Warrants are required to approve the Warrant Amendment. Parties representing approximately 40.56% of the Public Warrants and 100% of the Private Placement Warrants have agreed to tender their Warrants in the Offer and to consent to the Warrant Amendment in the Consent Solicitation, pursuant to a tender and support agreement. Accordingly, if holders of an additional approximately 9.44% of the outstanding Public Warrants consent to the Warrant Amendment in the Consent Solicitation, and the other conditions of the Offer are satisfied or waived, then the Warrant Amendment will be adopted. The offering period will expire at one minute after 11:59 p.m., Eastern Standard Time, on October 7, 2022, or such later time and date to which the Company may extend (the “Expiration Date”), as described in the Company’s Schedule TO and Prospectus/Offer to Exchange (each as defined below). Tendered Warrants may be withdrawn by holders at any time prior to the Expiration Date. The Company’s obligation to complete the Offer is not conditioned on the tender of a minimum amount of Warrants.

The Offer and Consent Solicitation are being made pursuant to a Prospectus/Offer to Exchange, dated September 9, 2022 (the “Prospectus/Offer to Exchange”), and Schedule TO, dated September 9, 2022 (the “Schedule TO”), each of which have been filed with the U.S. Securities and Exchange Commission (“SEC”) and more fully set forth the terms and conditions of the Offer and Consent Solicitation.

The Company’s Class A Common Stock and its Public Warrants are listed on the New York Stock Exchange under the symbols “GBTG” and “GBTG.WS,” respectively. As of September 8, 2022, a total of 39,451,067 Warrants were outstanding, consisting of 27,226,933 Public Warrants and 12,224,134 Private Placement Warrants. If all Warrants tender at the offer rate of 0.275, the Company will have (i) up to 67,794,076 shares of Class A Common Stock outstanding, (ii) 394,448,481 shares of Class B Common Stock outstanding and (iii) no remaining Public Warrants and Private Placement Warrants.

The Company has engaged BofA Securities as the Dealer Manager for the Offer and Consent Solicitation. D.F. King & Co., Inc. has been appointed as the Information Agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company has been appointed as the Exchange Agent. Requests for documents should be directed to D.F. King & Co., Inc. at (866) 342-4883 (for Warrant holders) or (212) 269-5550 (for banks and brokers) or via the following email address: [email protected] .

About American Express Global Business Travel

American Express Global Business Travel is the world’s leading B2B travel platform, providing software and services to manage travel, expenses, and meetings & events for companies of all sizes. We have built the most valuable marketplace in B2B travel to deliver unrivalled choice, value and experiences. With travel professionals in more than 140 countries, our customers and travelers enjoy the powerful backing of American Express Global Business Travel.

Visit amexglobalbusinesstravel.com for more information about GBTG. Follow @amexgbt on Twitter , LinkedIn and Instagram .

Important Additional Information Has Been Filed with the SEC

The Offer described in this press release commenced on September 9, 2022. On September 9, 2022, a registration statement on Form S-4 and an exchange offer statement on Schedule TO, including an offer to exchange, a letter of transmittal and consent and related documents, were filed with the SEC by GBTG. The offer to exchange the outstanding Warrants of GBTG will only be made pursuant to the Prospectus/Offer to Exchange and Schedule TO, including related documents filed as a part of the exchange offer. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROSPECTUS/OFFER TO EXCHANGE AND SCHEDULE TO FILED OR TO BE FILED WITH THE SEC CAREFULLY, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE EXCHANGE OFFER, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to D.F. King & Co., Inc. at (866) 342-4883 (for Warrant holders) or (212) 269-5550 (for banks and brokers) or via the following email address: [email protected] . Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by GBTG under the “Investor Relations” section of GBTG's website at amexglobalbusinesstravel.com .

No Offer or Solicitation

This press release shall not constitute an offer to exchange or the solicitation of an offer to exchange or the solicitation of an offer to purchase any securities, nor shall there be any exchange or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Offer and Consent Solicitation are being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange.

None of the Company, any of its management or its board of directors, or the Information Agent, the Exchange Agent or the Dealer Manager makes any recommendation as to whether or not holders of Warrants should tender Warrants for exchange in the Offer or consent to the Warrant Amendment in the Consent Solicitation.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words such as “estimates,” “projected,” “expects,” “estimated,” “anticipates,” “suggests,” “projects,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “could,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: (1) changes to projected financial information or our ability to achieve our anticipated growth rate and execute on market opportunities; (2) our ability to maintain our existing relationships with customers and suppliers and to compete with existing and new competitors in existing and new markets and offerings; (3) various conflicts of interest that could arise among us, affiliates and investors; (4) our success in retaining or recruiting, or changes required in, our officers, key employees or directors; (5) intense competition and competitive pressures from other companies in the industry in which we operate; (6) factors relating to our business, operations and financial performance, including market conditions and global and economic factors beyond our control; (7) the impact of the COVID-19 pandemic, Russia’s invasion of Ukraine and related changes in base interest rates, inflation and significant market volatility on our business, the travel industry, travel trends and the global economy generally; (8) the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; (9) the effect of a prolonged or substantial decrease in global travel on the global travel industry;(10) political, social and macroeconomic conditions (including the widespread adoption of teleconference and virtual meeting technologies which could reduce the number of in person business meetings and demand for travel and our services); (11) the effect of legal, tax and regulatory changes; and (12) other factors detailed under the section entitled “ Risk Factors ” in the Prospectus/Offer to Exchange.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “ Risk Factors ” in the Prospectus/Offer to Exchange. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Media: Martin Ferguson Vice President Global Communications and Public Affairs, American Express Global Business Travel [email protected]

Investors: Barry Sievert Vice President Investor Relations, American Express Global Business Travel [email protected]

• According to our Build for the Future survey, a small group of forward-thinking travel businesses have cultivated key attributes that help them thrive.
• Travel leaders have 45% more capabilities in differentiated people advantage than laggards because they upskill existing personnel and attract and retain new talent, which allows them to offer customers a better experience.
• Leaders have 68% more AI capabilities than laggards because they deploy advanced analytics throughout the travel value chain to offer hyper-personalization.

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Travel and Tourism

/ slideshow, building the travel company of the future, key takeaways.

The following insights are part of BCG’s Build for the Future series, based on three years of research conducted on digital transformations at major organizations around the globe.

Planning a trip once meant consulting a guidebook or working with a travel agent. Today, people may plan a getaway based on a TikTok influencer’s recommendation, an online review, or a personalized ad fed to them by an algorithm.

These and other evolving consumer behaviors, coupled with cost pressures, are redefining competition in the travel business and the capabilities needed to succeed. As a result, the travel industry is facing challenges in all sectors, including airlines, hotels, theme parks, and cruise lines. The challenges are especially acute for long-time incumbents playing catch-up with digital natives.

Against this background of change, a handful of travel companies are thriving. According to our Build for the Future survey, the most forward-thinking travel businesses share a number of common attributes. These traits allow them to excel regardless of customer or market pressures and produce financial and nonfinancial outcomes that outshine those of their peers. (See “Build for the Future.”)

Build for the Future

• Five areas that are fundamental to success
• The emphasis of transformation efforts
• How successful transformation efforts have been
• The degree to which each of more than 50 potential influencing capabilities were in place

At a Glance

Our Build for the Future survey identified a small cadre of companies we refer to as “future-built,” with attributes that make them more ready than their peers for what’s on the horizon. These traits include: aligned leadership and purpose, differentiated people advantage, agile operating model, innovation-driven culture, modern technology platforms, and AI .

Future-built travel companies use these attributes as a springboard to improve their performance in four specific areas:

• Customer Experience. They elevate travel experiences by designing seamless, digital-first customer journeys, enhancing touchpoints, and reimagining loyalty to foster lasting connections.
• Commercial Excellence. They sharpen their competitive edge by using dynamic pricing and revenue management strategies, crafting tailored marketing narratives, and accelerating growth through digital sales channels.
• Operational Innovation. They infuse operations with digital agility, they forecast and preempt maintenance needs, and they execute capital projects with precision to redefine operational excellence.
• Cost and Resilience. They employ a holistic view of managing costs, embed zero-based budgeting principles, and streamline procurement to lift efficiency and instill resilience.

Among the 24 industries analyzed in our Build for the Future research, travel is one of the more advanced when it comes to being ready for the future. That’s primarily because of the advanced practices used by digital newcomers. Long-time travel players, however, trail the majority of incumbents in comparable consumer-facing industries when it comes to future readiness. In particular, travel incumbents lag in adopting innovation-driven cultures and cultivating a differentiated people advantage.

Read the slideshow to learn more about the survey findings.

Focusing on People and AI

The difference between travel industry leaders and laggards is particularly acute in two areas:

Differentiated People Advantage. Travel industry leaders have an edge in upskilling existing personnel and attracting and retaining new talent, which allows them to offer customers a better experience booking travel or taking a trip. Leaders in the hospitality sector of the travel business, for example, improve hiring and retention through continuous benchmarking to ensure that compensation is equal to or above that for comparable jobs in other industries, and by offering flexible schedules. Hospitality leaders also support diversity and inclusion. They also target messaging, outreach programs, and other actions to appeal to specific groups of current, past, and prospective employees.

AI. Travel industry leaders deploy advanced analytics and AI throughout the travel value chain. By optimizing their supply chain and offering hyper-personalization, these bionic companies successfully combine human and advanced technology capabilities, gaining a competitive advantage that can take a variety of forms. During severe weather, airlines use these capabilities to minimize customer travel disruptions by selecting the next best flight schedules. Cruise lines use their combined people and advanced technology capabilities to fine-tune pricing during cruise booking periods to maximize occupancy and revenue.

How Travel Industry Incumbents Can Catch Up

To become future-built travel businesses, companies might consider the following moves to foster the six winning attributes we’ve identified:

Aligned Leadership and Purpose. Leadership is central to becoming future-built. Companies in industries of all types with a systematic and well-supported approach to activate leaders see transformation success rates that are three times higher than those of their competitors. Leaders at these companies reimagine and reinvent the business to serve all stakeholders, inspire and enrich the human experience, and execute and innovate through supercharged teams.

Differentiated People Advantage. Combine people and machines for a new model of customer service excellence. Use generative AI’s (GenAI) emerging power to equip frontline staff with behavioral nudges and as support for personalized customer interactions.

Agile Operating Model. Build a minimum viable operating model to support innovation and establish an innovation flywheel . Such a learning loop increases a company’s chances of building the next game-changing product or service and decreases the time needed to bring digital products to market.

Innovation-Driven Culture. Create an innovation-focused culture that embraces risk, fosters collaboration, and grants autonomy to internal teams. Then, use that culture to put customer experience at the heart of everything you do.

Modern Technology Platforms. Ensure that efforts to establish data platforms and modernize core systems start at the top, in the executive suite. Guide modernization initiatives with a rigorous focus on business outcomes. Work backward from the outcome you want to achieve, analyzing the data that has to be liberated and the systems that have to change to accomplish your goals.

AI. Use the excitement generated by GenAI to invigorate AI transformation programs, especially for managing revenue, managing operations, and personalizing customer interactions.

Call it the Instagram effect. People influenced by what they see on social media have higher expectations for travel and the services they get from the travel companies they work with. By cultivating superior people practices and an innovation-based culture, travel laggards can catch up with industry leaders and provide the services that customers want.

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For information or permission to reprint, please contact BCG at [email protected] . To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcg.com . Follow Boston Consulting Group on Facebook and X (formerly Twitter) .

Contact Our Experts

Michael Fraser

Managing Director & Partner

Los Angeles

Alberto Guerrini

Managing Director & Senior Partner

Andy Levine

Lara Koslow

Jason Guggenheim

Managing Director & Senior Partner, Travel & Tourism Global Leader

Ryan Trocinski

Karan Jagitani

San Francisco - Bay Area

Michael Fraser is a Partner in the Los Angeles office. He joined the Los Angeles office of BCG in 2012 as a consultant. He holds a JD and a Bachelor of Commerce (majors actuarial studies and finance) from the University of New South Wales, Australia. Since joining BCG Michael has focused on Industrial Goods and Financial Services, with casework across a range of functional areas, including Marketing and Sales, People and Organization as well as Transformation. He has recently returned from casework in Brazil - a country he thoroughly enjoyed experiencing. Prior to joining BCG Michael worked for an Australian investment bank in Sydney and in New York where he spent time in equity and credit research, infrastructure a strong area of concentration. In his time away from the office, Michael enjoys the sights and sounds that Los Angeles has to offer, with his knowledge of the town happily increasing with each passing weekend!

Alberto Guerrini joined Boston Consulting Group in 2005. He is a core member of the firm’s Consumer practice; leader of the firm’s travel and tourism sector in IGT (Italy, Greece, and Turkey); and leader of the firm’s People and Organization practice in IGT. Alberto is also a leading member of BCG’s global initiative for pricing and revenue management in travel and tourism.

Lara Koslow is global leader of Boston Consulting Group’s Center for Customer Insight and part of the firm’s global Marketing, Sales & Pricing leadership team. She is the former global co-leader and North American leader of BCG’s marketing topic.

Julia Dhar joined Boston Consulting Group in 2009 and is a core member of the People & Organization , Industrial Goods, Public Sector, and Social Impact practices. She founded and leads BCG’s Behavioral Science Lab and the firm’s behavioral science network BeSmart, and is a member of BCG’s global Change Management leadership team. Trained as a behavioral economist, Julia champions the use of behavioral insights to improve product and service design and delivery to make countries and organizations more inclusive, sustainable, and productive. She is deeply involved in the firm's IP development on the Future of Work and co-leads BCG’s work on deskless workers.

Jason Guggenheim joined Boston Consulting Group in 2001 as a consultant after practicing as an attorney for 3 years in Johannesburg, South Africa. Jason studied at the University of the Witwatersrand in Johannesburg and received an undergraduate degree in finance and economics and a graduate degree in law from Oliver Schreiner School of Law at the University of the Witwatersrand. After leaving BCG in 2002, Jason took a strategy/corporate development role in the Ventures group at Delta Air Lines. In 2004, Jason joined a 4 person team, led by the then-CFO of Delta Air Lines, who took on the restructuring of the bankrupt independent energy provider Mirant Corporation. Following the emergence from bankruptcy of Mirant Corporation, Jason returned to BCG in 2007 to further his interest in strategy, travel and tourism, and turnaround work. Over the past few years, Jason has focused on cruiseline and airline work, serving clients in both the US and Europe.

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Business Travel Tips for Russia

Max Ryazanov/Getty Images

Even with global political unrest, more and more organizations and companies are doing business with Russia . And even though Russia has become more "westernized," business leaders should recognize that there are significant cultural differences that they should be aware of before taking a business trip to Russia.

In order to help business travelers avoid potential cultural problems when traveling to Russia, we interviewed cultural expert Gayle Cotton , author of the bestselling book, Say Anything to Anyone, Anywhere: 5 Keys To Successful Cross-Cultural Communication . She is also a distinguished keynote speaker and is President of Circles Of Excellence Inc.

Ms. Cotton was happy to share a variety of tips to help business travelers avoid potential cultural problems when traveling to Russia .

What Tips Do You Have for Business Travelers Heading to Russia?

• Handshaking is common and is typically a firm grip with several quick pumps between two men. Between men and women, or two women, the handshake is usually softer.
• Relatives and good friends may engage in an animated embrace and kiss each other on the cheeks when greeting.
• Generally speaking, Russians are more comfortable with third-party introductions, so it’s best to wait a moment before introducing yourself to a new group. If, after a few minutes, no introduction is made you may then take the initiative.
• When a Russian touches another person during a greeting or conversation, it is usually a sign of confidence and rapport.
• Visitors should speak in a calm moderate tone of voice since speaking or laughing loudly in public is frowned upon.
• Personal questions are best avoided, although you may be subject to these inquiries. Answer these questions as best as you are willing to since your Russian companions may press you for details.
• There is tremendous affection for children in Russia. If you are a parent, showing photographs of your children can be an effective way of building rapport.
• In conversation, it is helpful to discuss your aspirations and hopes for the future. Sometimes, Russians are far more interested in the personal side of your character than your business agenda.
• Allow plenty of time for each appointment. Not only may appointments start late, they may last longer than originally planned.
• It’s helpful to keep in mind that addresses in Russia are written in the following order: (1) country (2) city (3) street address and (4) the last name of the individual.
• The first meeting is usually more of a formality, a time for the Russians to assess the credibility of you and your company. The best strategy is to appear very firm and dignified, while maintaining an air of warmth and approachability.
• While strong empirical evidence and other factual data are important in any presentation, making a trustworthy impression is an important priority with Russians.
• Extend compliments with caution, since they may cause Russians to feel a sense of misplaced obligation. Praising and rewarding anyone in public may be viewed with suspicion.
• The Russian word "nyekulturny" is a popular term used to refer to anything considered uncultured, bad mannered, or otherwise socially unacceptable. The taboos below are a few examples of some behaviors regarded as "nyekulturny."

What Is Important to Know About the Decision Making Process?

• It's essential that you deal with the key decision-makers, rather than the go-betweens who are often sent to meet with new visitors. It’s wise to plan ahead and make the right contacts well in advance of your trip.
• When decision-makers are present, meetings can be a time for all participants to exchange information and ideas.
• It's essential that your business team display a "united front" when negotiating with the Russians. A good way to start is by ensuring that all members of your team understand and agree on precisely what they want to achieve from the deal.
• Your Russian counterparts may insist that they understand something while this may not actually be the case. They also sometimes have a tendency to say things they think you want to hear.
• The Russian business culture has a deeply entrenched hierarchy. Superiors have authority over their subordinates, and are ultimately responsible for the final decision.
• Ensure that you have a contact outside of the negotiations who is an expert in Russian law, which is constantly subject to change in both interpretation and application.

Any Tips for Women?

• It’s appropriate for men to wait until a woman extends her hand before reaching for it.
• Between women, the older woman extends her hand first.

Any Tips on Gestures?

• Eye contact during the introduction is very important and should be maintained as long as the individual is addressing you.
• Putting your thumb through your index and middle fingers, or making the "OK" sign are both considered very rude gestures in Russia .
• Beckoning someone with the forefinger. Instead, turn your hand so that the palm faces down and make a scratching motion.
• Don’t sit with the legs apart, or with one ankle resting upon the knee
• Don’t stand with your hands in your pockets

What Are Some Good Suggestions for Topics of Conversation?

• The rapid, progressive changes taking place in Russia
• Russians are very proud of their culture, and enjoy opportunities to talk about the theatre, movies, music, and Russian literature
• They also enjoy discussing travel, history, architecture, sports, and the 2014 Olympics
• There is always an interest in current events, as long as you remain open to various perspectives and stay away from direct discussions about politics
• The food and drink that is unmistakably a part of Russian entertainment

What Are Some Topics of Conversation to Avoid?

• Political differences, and especially the recent disagreements between the U.S. and Russia over Ukraine and Crimea
• Comparing Russia to other developing countries, or comparing Moscow and Saint Petersburg
• Never refer to a Russian as "Comrade”
• Many Russians still enjoy smoking, so avoid talking about the non-smoking business environment in the U.S.
• The suppression caused by the Czarist and Communist states

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Whether you are looking to get the most out of a tight budget or prefer premium luxury when discovering Russia, Olta Travel will be your perfect partner.

Let us make your tour to Russia a memorable experience, so you can enjoy a worry-free journey!

• FROM BIG GROUPS TO INDIVIDUALS: we craft a tailored offer for almost any budget, thanks to our distributed network of trusted partners, direct connections with service providers and our own profound knowledge of destinations in Russia. 
• TOP SERVICE GUARANTEE:  We take care of everything to secure travelers’ satisfaction and are prepared to deal with unexpected issues should they arise.
• COMFORTABLE PRICING:  Olta Travel keeps the cost of discovering Russia at a fair, reasonable level because we love our country and seek to share this love with you.
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1. Processing and use of personal data.

1.1. In this Policy, personal information means any information left by users on the Website of Olta Travel, including Name, Surname, company, email address and other contact information, left in the message.

1.2. The person who left personal data on the Website of Olta Travel, consents to their use, namely:

1.2.1. The inclusion of the email address, name, surname, company name or any other contact information left in the message in the contact database of Olta Travel. The database is hosted in a secure cloud-based customer relationship management service Bitrix 24, as well as on a secure service for newsletters – Unisender.

1.2.2. Receiving email newsletters with news, promotions, special offers and other useful materials, but no more than twice a week. The visitor of the Website at any time has the right to unsubscribe from the mailing list of Olta Travel, by clicking on the unsubscribe link located at the bottom of each letter.

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1.2.5. For other purposes performed with the individual consent of the user.

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2.1. All personal data collected on the Website is processed, stored and secured in strict accordance with the provisions of the legislation of the Russian Federation (Federal law of the Russian Federation of 27 July 2006 № 152-FL "On personal data") and the European Union (The General Data Protection Regulation (GDPR) (EU) 2016/679).

2.2. Olta Travel is taking the necessary legal, organizational and technical measures to protect personal information from unlawful or accidental access, copying, distribution of personal information, as well as other unlawful actions in relation to personal data of users, which include:

•     secure transfer and storage of personal data on secure servers;

•     automated processing of personal data;

•     identification of possible threats to the security of personal data;

•     limiting the number of persons having access to personal data;

•     application of measures of internal regulation of the procedure of working with personal data (internal regulations for employees of Olta Travel);

•     improving methods of collection, storage and processing of data.

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How Emerging Travel Trends Are Informing July’s Expansion Strategy

Founded in 2019 by Athan Didaskalou and Richard Li, Australian luggage brand July has doubled down in its mission to cater to the modern traveller, as lifestyles and consumer priorities evolve.

Since the Covid-19 pandemic, consumers around the world have re-embraced travel, despite rising cost-of-living pressures. In 2024, global travel flows are projected to reach up to 110 percent of 2019 levels, according to BoF’s State of Fashion 2024 report . “Workation” trips that straddle business and pleasure, hybrid working schedules and global cultural events — such as the upcoming 2024 Olympic Games in Paris — are all contributing to this shift.

Indeed, as the exclusive supplier of the Australian Olympic Team’s bespoke luggage for the upcoming Games, July is strategically acknowledging the cultural moments underpinning global travel. Additionally, the travel brand has strong footholds across the high-growth APAC region, with a physical presence in Singapore, Malaysia, China and Hong Kong as well as Australia . It also counts UK retailer Selfridges among its international outposts.

At July, catering to travel trends and regional hotspots is underscored by a design strategy centred around problem-solving. Upon its inception, July read more than 4,000 reviews of existing suitcases in order to solve customers’ biggest pain points — from quieter wheels and better reinforcement of corners to improved warranty policies. Smaller runs allow it to test, iterate and evolve its offering, creating live feedback loops with consumers. Now, BoF sits down with co-founder and director Athan Didaskalou to understand how July has evolved its business model in line with post-pandemic travel flows, the insights they have gleaned on the APAC region and consumer, its plans to partner with the fashion industry — and what the sector could learn from July’s iterative design process.

How has the surge in travel post-pandemic impacted your brand’s growth and strategy?

When we launched just before the Covid-19 pandemic, it felt like any other year. But when global travel came to a halt, we saw a real yearning for travel from consumers. Since then, we have seen a real case of people making up for lost time.

Even as we have seen recessionary downturns, economic uncertainties and interest rates rise, travel has become an essential category for many. We have noticed that consumers are more likely to sacrifice the smaller things — restaurants, bars, date nights, day-to-day discretionary spending — in order to prioritise travelling and have that experience that they were denied for a long time. At July, we have seen business quadruple in size since the return to pre-Covid travel flows.

How have travellers’ needs and preferences evolved in recent years?

One big shift has been the blurring of the lines of business and pleasure within travel — extending work trips to maximise and add value to those experiences. That shift in behaviour means that consumers expect more from their travel products and accessories.

For instance, if they are travelling with carry-ons, do they require an extra overnight bag that can be stacked on top? Or perhaps they want their everyday work bag to be adaptable and travel-friendly for short-term trips. That adaptability is an important feature — readiness for travel is a natural part of the brief when it comes to this category.

What impact has this evolution had on local travel trends?

Speaking to Australia specifically, where July is based, we have been tracking the rise of experiential — almost thematic — hotels that provide the customer with a real sense of escapism. This trend is partly driven by the country’s geographical positioning. Unlike Europeans, for whom international travel is an easy weekend activity, it takes Australians several hours to even leave the country.

Everybody on the July team has to work within a flow of customer feedback, reaching out to customers to understand their needs.

There are retro-inspired ranch properties opening an hour outside of Byron Bay — a real departure from the themes and experiences you would typically enjoy there. Another example are destinations like Il Delfino in Yamba, Australia, which is designed and curated so guests feel like they are on the Amalfi Coast. These small pockets of escapism are becoming hot travel destinations for travellers in the country who want more variety and more opportunities despite not having that ease of international travel. There are definitely some unique things happening locally to tap into that appetite for travel.

How is customer feedback incorporated into July’s product development process?

Our desire for customer feedback comes from a healthy sense of scepticism — and a bit of self-critique too. Everybody on the July team has to work within a flow of customer feedback, reaching out to customers to understand their needs. We gain great insight and it’s a fantastic source of free research. Sometimes we get conflicting feedback, but it has helped us significantly to demonstrate new products, gain customer insight, make amendments, gather more feedback and so on.

One example is our Juliette range, which is essentially a handbag with travel features. We had amazing feedback come through on everything from the width of the strap and how the bag sits crossbody, to the length of the top handles to allow the bag to sit on the wearer’s shoulders even when they are wearing coats or winter clothes. We learnt that not everything has to be zipped to allow for one-handed use.

Another interesting piece of feedback was around lunch containers — according to our customers, many fashion bags don’t have a flat base wide enough for a standard lunch container. It was an insightful process to go through — the final product sold out within five days.

How important is physical retail and the in-store experience to the luggage category?

Speaking more broadly, I think the tide is moving away from being all about e-commerce. The world has never been so accessible — it’s never been easier to immediately do e-commerce, to work cross-channel, to have a social presence. In a world where everything is easily accessible, physical spaces cannot only provide a level of exclusivity, but also something that consumers will respect and cherish.

At July, we have seen business quadruple in size since the return to pre-Covid travel flows.

For us personally, stores are an amazing brand opportunity. They are powerful customer touchpoints and act as amazing feedback channels, which allow us to grow and develop the products and the business. We also pay close attention to what goes on in those spaces — every night, our sales team members do a written review of the day and each night, we read all of them. One recent example of insight from our associates revealed that customers in-store wanted to buy our luggage in sky blue, but they were worried about the suitcase scuffing in transit. Our solution was to colour-match a suitcase cover so that shoppers could buy the colour they wanted and not worry about damage.

Lastly, putting the love for physical retail to one side, this is a category where sometimes the need is instant. Some customers simply need to see it, buy it and travel tomorrow. It means this category demands that level of service and convenience that physical retail provides.

What role do partnerships with fashion brands play in your business strategy over the medium term?

Today, I think travel as a category has fast become a fashion target. For instance, you see global fashion brands and retailers doubling down on vacationwear as an opportunity.

July doesn’t have a creative director — and we’ll never be the kind of business to churn out 10,000 seasonal SKUs — but partnering with fashion to be able to better align with expectations around colours, accessories and capitalise on capsule travel trends is interesting. Over the next 12 months, some of the partnerships that we are working on and the products that we are trying to release play into a more premium product space — we are doubling down in higher quality materials, for instance, because the demand is there.

Our next partnership is with established Australian fashion house Oroton, which has been around for almost 100 years. These sorts of partnerships allow for a symbiotic relationship — it brings us closer to the fashion world, while we can offer them the technical expertise to move into the travel category.

What is next for July?

We hope to double down on our physical outposts and build our international reach. Being Australian in origin, we look at both Aesop and Zimmermann as our guideposts — two Australian export brands with strong identities. Both are billion-dollar businesses — a benchmark that they achieved within 30 to 40 years, respectively.

One of the reasons July exists is because we believe those big players have been resting on their laurels a bit. The luggage market really is Samsonite, LVMH and everybody else, from a market share perspective — July is definitely going to continue to follow the many competitors out there.

This is a sponsored feature paid for by July as part of a BoF partnership.

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This Week, a Check-In on Gap’s Turnaround Efforts

Gap Inc. will follow up a month of red-carpet highlights with an update on whether its efforts to reignite sales are paying off.

Gildan’s Entire Board Resigns, Handing Victory to Activist Browning West

The company, one of the world’s largest makers of affordable T-shirts and owner of the American Apparel brand, has spent months embroiled in a toxic feud over its direction and who should be in charge.

What Fashion Retail Professionals Need to Know Today

BoF Careers provides essential sector insights for fashion professionals in retail this month, to help you decode fashion’s retail landscape.

Promising Signs for Macy’s Turnaround

Sales fell in the retailer’s first quarter, but were up at 50 stores where new ideas are being tested. CEO Tony Spring tells BoF he’s just getting started.

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Ukraine-Russia war latest: What's happening with conflict right now?

At least 16 people were killed in a Russian missile strike on a DIY store in Kharkiv city this weekend - read about this in our overview of what's happening in Ukraine below, and we'll be back with live updates on Tuesday.

Monday 27 May 2024 08:11, UK

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• The big picture: What you need to know about the war right now
• Number killed rising after Russian attack on DIY store kills more than 40 people | 16 confirmed dead
• Eyewitness: Russia producing shells three times faster than Ukraine's allies
• We'll be back with live updates on Tuesday

 We'll be back with live updates on the war tomorrow - but for now, as always, we start the week by taking a few steps back and giving an overview of where the conflict is at right now.

Conflicting claims on the second front

Kharkiv remains a major focus after Russia opened a new front on the northeastern border. 

It has been the subject of conflicting reports, with Ukrainian President Volodymyr Zelenskyy saying Ukraine had secured "combat control", while the Russian ministry of defence claimed its forces were advancing.

The British defence ministry said Russian gains in the northeast had not been joined up, allowing Ukraine to contain Moscow's momentum.

It assessed Vladimir Putin's attempt to create a buffer zone between Ukraine and Russia had been unsuccessful thus far and further gains were unlikely in the coming week.

But this will be little comfort to those living under the constant threat of Russian shells in the region.

An attack on a DIY store in Kharkiv city this weekend killed at least 16 people, injured more than 40, and the search is still on for others.

A 12-year-old girl was among the dead.

The US announced a new $275m package of weapons and equipment for Ukraine to help it repel Russia's assault in the Kharkiv region.

Ukrainian troops have been forced to train without firing ammunition due to shortages. 

Analysis shared with Sky News revealed the scale of the challenge facing Kyiv, with Russia producing artillery shells around three times faster than Ukraine's Western allies and for about a quarter of the cost. 

Across the year, that means Russian factories are forecast to manufacture 3.2 million more shells than European nations and the US combined.

Peace summit

Mr Zelenskyy directly called on his US and Chinese counterparts to join his latest summit for peace in Ukraine. 

Speaking from Kharkiv in northeastern Ukraine on Friday, he announced a "global peace summit", co-hosted by Switzerland, starting on 15 June. He claimed 80 countries had already confirmed their attendance.

Putin's 'freeze'

Vladimir Putin is ready to halt the war in Ukraine with a ceasefire that recognises current battlefield lines, four Russian sources told the Reuters news agency. 

The narrative is widely viewed as a strategy to consolidate Ukrainian land under Russian control, with little or no guarantees Mr Putin wouldn't use it to launch another attack on what remains of Ukraine. Russian propogandists have previously advocated reducing Ukraine to the size of the Lviv region in the west.

Nuclear drills

Russia's defence ministry said it had begun a round of drills involving tactical nuclear weapons in response to remarks by senior Western officials about the possibility of deeper involvement in the war. 

According to the ministry's statement, the first stage of the new drills included nuclear-capable Kinzhal and Iskander missiles in southern Russian regions.

Ukraine claimed to have destroyed the last Russian warship armed with cruise missiles that was stationed on the occupied peninsula. It said a long-range attack destroyed the Russian minesweeping navy vessel Tsiklon in Sevastopol.

Vladimir Putin has arrived in Uzbekistan ahead of formal talks on Monday.

The Russian president laid a wreath at a monument to Uzbekistan's independence in the capital, Tashkent.

He is expected to hold formal talks with President Shavkay Mirziyoyev that are expected to focus on deepening the countries' relations.

The pair spoke in what were described by the Kremlin as informal talks on Sunday.

The visit is President Putin's third foreign trip since being inaugurated for a fifth term in May. 

He first went to China , where he expressed appreciation for China's proposals for talks to end the Ukraine conflict, and later to Belarus. 

For context: Now separated from Russia by Kazakhstan in central Asia, Uzbekistan was once part of the Soviet Union.

However, the invasion of Ukraine is believed to have accelerated a process of reducing Russian influence in the country.

In the two-plus years since February 2022, Uzbekistan has also boosted its relations with the EU. 

Fighting continues along the Kharkiv frontline as Russian forces try to overwhelm defenders.

In an update on Sunday evening, Ukraine's armed forces said its troops were seeking to repel attacks and in places have mounted offensives.

The General Staff said on social media: "The Russian aggressor is trying to use superiority in manpower and equipment and air support. 

"Ukrainian soldiers are giving battle to the enemy, and in some directions they themselves are carrying out effective assault actions to improve the stability of the defence and restore positions."

Twelve clashes were reported in the direction of Kharkiv, the update said, as well as near the villages of Lyptsi and Ternova.

"The situation is under control," the statement said.

Ukrainians gathered outside the US embassy in Kyiv as part of mounting demands to remove restrictions on where Ukraine can use Western weapons.

Many NATO countries who provide military aid to Ukraine currently do so on the condition that it is not used to strike targets inside Russia. 

The US and Germany in particular have been strict on this issue, likely out of concern about escalation with Moscow.

Other countries - the UK and Sweden, for example - have confirmed or suggested that Ukraine can use their weapons to hit targets across the border.

In Kyiv today, activists held up placards saying "let Ukraine strike back" and "remove the restriction". 

The US will participate in Volodymyr Zelenskyy's peace summit next month, an official has said.

It comes after the Ukrainian president called on America's President Joe Biden and China's President Xi Jinping to attend the event.

However the US official did not say who would attend or at what level.

The summit, co-hosted by Switzerland, starts on 15 June and, according to President Zelenskyy, 80 countries have already confirmed their attendance.

Battling against the odds, the Ukrainians say they have become skilled at trying to make every round count.

"Often, with just one, two or three shells, we can completely destroy a target," said Senior Lieutenant Kostiantin, an artillery battery commander with the 57th Brigade.

His troops are fighting against a new Russian invasion into the Kharkiv region, in the northeast of Ukraine.

"We have to keep holding the Russians back… and make every metre of land they try to take cost them hundreds of lives."

Watch this report from our defence and security editor, Deborah Haynes :

Crowds of people marched through the Georgian capital, Tblisi, today to mark the country's Independence Day - and also to protest against the government's divisive "foreign agents" law.

The legislation is seen by some as threatening press and civic freedoms and there are concerns it's modelled on laws used by Vladimir Putin in neighbouring Russia.

Hundreds of people walked through the city on Sunday, as the EU anthem played. 

Many held white and red Georgian flags, others the blue and yellow of the EU or the stars and stripes of the US.

There was also a military parade in the city centre as part of the celebrations, attended by Georgia's president and prime minister.

The pair are at odds over the "foreign agents" bill after President Salome Zourabichvili vetoed the bill.

Ukrainian President Volodymyr Zelenskyy posted on social media congratulating the Georgian people on their Independence Day.

"Both our nations know all too well that freedom and independence are won rather than granted," he said on X.

"I wish the Georgian people to prosper and strengthen their statehood and ties will all other free nations. I also wish magnificent Georgian culture, identity, and hospitality to multiply over the years." 

The parents of a Ukrainian girl who died after a Russian missile strike have bid goodbye to their daughter in emotional scenes at her funeral.

Just five years old, Zlata Rostochil was seriously wounded in an attack at the end of April and later died.

Today, her mother Nadiia and father Vyacheslav knelt beside her body during the memorial service in Odesa. 

Other mourners stood solemnly behind them holding candles.

Russian forces are making "maximum efforts" to break through Ukraine's defences, amid fighting on the frontline near Kharkiv.

Kyiv's armed forces said there have been 83 clashes with the enemy on Sunday.

"Ukrainian troops are taking measures to maintain positions and destroy the offensive potential of the enemy," the General Staff said in an update on social media.

It said there were "no major changes" in the direction of Kharkiv but Russian troops continue to mount offensives around Vovchansk city and the village of Lyptsi.

Is National Service a good idea?

Rishi Sunak has talked a lot this week about security in Europe and the need to invest in defence - and then he announced that he would bring back National Service.

Our military analyst Sean Bell broke down the announcement on Sky News earlier...

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