Pherous’ path to corporate dominance continues

Pherous’ path to corporate dominance continues

Shares for Corporate Travel Management soared this morning after it announced it entered into a new strategic joint venture with a Chinese firm on Friday afternoon.

CTM also upgraded its FY15 profit forecast after announcing the joint venture with World 99, one of China’s fastest growing e-commerce companies.

The agreement will see CTM subsidiary Westminster CTM and the outbound travel company to establish 99 Westminster e-commerce Company Ltd which will have distribution rights for CTM’s products outside of China.

CTM founder and managing director Jamie Pherous said the company had developed an “intimate understanding of the unique requirements of Chinese travellers” after last year’s acquisition of Asian travel business, Westminster CTM.

According to CTM, Westminster CTM sold 50,000 tickets through the joint venture last month alone.

“The joint venture will enable a travel solution that more suitably caters to the cultural, language and service expectations of the Chinese consumer within China and abroad,” Pherous said.

“It allows World 99 to rapidly open up key overseas markets outside of China and create a global market place for Chinese travellers by leveraging CTM’s one contact point across our offices in the Asia Pacific, Europe and the USA.”

CTM said the joint venture requires “minimal additional capital”, and would leverage the company’s technology, relationships and processing platforms.

World99 is focused on the FIT market – Chinese free independent travellers – globally, and since founding in April 2014 is now servicing more than 80,000 customers and transacting RMB250m (AUD$50.4m) a month.

“We have been clear that, above all, acquisitions and partnerships must be the right fit for our business,” Pherous said.

Latest News

  • Conferences

Fiji Tourism Exchange 2024 opens with a vibrant ceremony at Sofitel Fiji Resort, Denarau

The two-day Fiji Tourism Exchange 2024, opened with a vibrant ceremony at the Sofitel Fiji Resort and Spa in Denarau. A pinnacle event in the South Pacific tourism calendar, the event brings together industry stakeholders from across the globe to delve into Fiji’s tourism offerings and cultivate long-lasting business relationships. Acting Prime Minister and Minister […]

  • Destinations

Raes on Wategos celebrates 30th birthday and guests get the presents

World famous luxury boutique hotel Raes on Wategos, in Byron Bay, has launched its 30th birthday celebrations with a Raes Indulgent Escape package. Available for all stays of two nights or more, from June to August, the curated package offers an invitation to indulge in a shared celebration of Raes 30th birthday, whilst revelling in […]

  • Cruise

Seabourn’s two new value-add offers for 2024-25

Luxe cruise line Seabourn is offering two value-added promotions featuring must-have fares and a generous shipboard credit for guests seeking to book their next voyage. The exclusive “A Sail to Remember” Event includes must-have fares on most Seabourn ultra-luxury ocean and expedition voyages in October 2024 and beyond. The “More Moments on Us” Event offers […]

  • Cruise

PONANT commercial team expands to meet growing demand in APAC 

Luxury exploration cruise line Ponant has announced significant updates to their Asia Pacific commercial team in response to accelerated growth across the region. “These structural enhancements signify Ponant’s dedication to meeting the evolving needs of our valued trade partners in the Asia Pacific region,” general manager sales & marketing, Asia Pacific, Deb Corbett said. “We […]

  • Products

Embrace the journey: Traversing the world with the Shokz OpenRun

If you’ve been on the wrong side of a final call in the airport, or missed the stop on rail journey, it might be time to invest in a pair of Shokz OpenRun headphones. Originally marketed as headphones for fitness fanatics, runners or cyclists with a keen to steer clear of a prang with a car, […]