lastminute.com announces Japan joint venture
lastminute.com has announced it is in the final phase of signing a joint venture agreement with Kinki Nippon Tourist Co. Ltd., Nippon Travel Agency Co. Ltd., Mitsubishi Corporation/MC Capital Fund and other investors to establish a new e-commerce business under the lastminute.com brand in Japan.
lastminute.com will provide access to its international database of supply and other support during the launch and start-up phase. Kinki Nippon Tourist Co. Ltd. and Nippon Travel Agency Co. Ltd. (which are the second and third largest travel agents in Japan in terms of TTV – Weekly Travel Journal 17 Sept. 2001) will package exclusive travel products for the business, as well as providing access to their domestic and international late availability travel supply. They will second senior management and staff to the joint venture company, to ensure it benefits from their considerable local travel expertise and existing relationships.
The parties have also agreed online marketing relationships with their respective internet sites, as well as regular promotions to their existing customer bases. Mitsubishi Corporation/MC Capital Fund, coordinator of this joint venture, and others will provide business partnering and managerial support for the venture.
lastminute.com’s CEO Brent Hoberman said: “We are excited about this opportunity to enter the second largest internet market in the world with such high calibre partners. With their enthusiasm and belief in our business model, as well as their local expertise, travel supply and existing customer databases we feel the new joint venture will be well positioned to create a successful lastminute.com business.”
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