FOR a firm that ushered in a new era of holidaymaking, Club Méditerranée’s roots are humble. In 1950 Gérard Blitz, a Belgian water-polo champion, pitched 200 tents on a Mallorcan beach. His dream was to offer bronzed Europeans the chance to eat and drink, commune with nature and enjoy vigorous outdoor pursuits. With it, the “all-inclusive” holiday, combining lodging, food and drink, was born.In time, Club Med upgraded its structures, from tents to beach huts to hotels. It also spread to exotic locations like Tahiti and the Gulf of Guinea. But during the 1990s it fell on hard times. Despite the firm’s moves upmarket, all-inclusive holidays had become a tired concept, associated in holidaymakers’ minds with tepid buffets, cheap plonk and austere rooms.Yet there has recently been a scramble for control of the company. Last year Fosun, a Chinese conglomerate, and Ardian, a French private-equity firm, launched a joint bid to take Club Med private. Some shareholders objected and went to court, unsuccessfully, to stop the deal. Now a potential rival bidder—the Bonomi family, an Italian dynasty—has emerged. The Bonomis have been buying shares and were told this week...
from The Economist: Business http://ift.tt/1nGBVul
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