TUI’s CEO eyes emerging markets for tourism focus

Tuesday, 21 February 2012 00:00 - - {{hitsCtrl.values.hits}}

HANOVER(Reuters): TUI, the owner of Europe’s largest travel company TUI Travel, will look to offer holidays to tourists from emerging markets such as China, India and Brazil after it exits its container shipping business, its chief executive said.

“Our activities in China, Russia and Ukraine form the nucleus of future growth,” Michael Frenzel told the group’s annual shareholder meeting on Wednesday. “Organised tourism is only just starting in these countries.”

TUI last year became the first European tour operator to win a licence to organise international travel for Chinese holidaymakers, who industry experts expect will overtake Germans as the world’s biggest spenders on holidays within the next few years.

Frenzel said TUI will bring its first groups from China to Europe in the summer.

Earlier, TUI reported in-line first-quarter results, the day after announcing plans to exit its container shipping business completely.