TUI takes share in Russian operator
TUI has entered the Russian market by buying a share in leading Russian tour operator, Mostravel.
Mostravel is headquartered in Moscow and has 70 employees. It sells mostly four and five star holidays to Turkey and Egypt. At present sales are made via 3,000 agents across Russia – there is no direct sell channels using call centres or the internet.
According to TUI the Russian market has a significant untapped potential. It claims that around two million package holidays were sold to Russian holidaymakers last year.
TUI will start with a 34% share and has the option to increase it to a majority share holding of 51% in 2006. The venture launched on August 1 under the name TMR. It is led by Mostravel director Rabson Mamedov.
TUI says the move is part of its strategy to expand in Eastern Europe. It is being spear-headed by Franz Leitner, the Vienna-based head of TUI Austria Holding. TUI already operates in Hungary, Poland, Slovenia and Slovakia.
Report by Ginny McGrath
Ginny McGrath
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