Thomas Cook India pays £1.5 million for brand
Thomas Cook (India) has bought the rights to continue using the brand name from the administrators of the failed UK business for £1.5 million.
The deal means it can continue to sell holidays using the Thomas Cook brand in India, Sri Lanka and Mauritius.
Chinese firm Fosun, one of Thomas Cook’s biggest shareholders, owns the rights to the name in the rest of the world.
Prior to the collapse of Thomas Cook, TCI had a licensing agreement to use the name only until 2024. It said it was considering ditching the brand due to the negative publicity it attracted following the demise of the European businesses, however, chairman and MD Madhavan Menon said today: "I am delighted that we have been able to sign an agreement to acquire the rights to the iconic Thomas Cook brand across India, Mauritius & Sri Lanka.
"The brand is one of the most respected names in the travel services space and one that we at Thomas Cook India have operated uninterrupted for 138 years since 1881."
TCI was bought by Fairfax Financial Holdings of Canada in 2012 and its licensing agreement gave it first refusal to continue using the Thomas Cook brand if the UK business went bust before 2024.
Although there was some confusion with customers over whether or not the India business was in financial trouble as well, it has strong brand equity in South Asia, and is debt free.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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