Tours and activities M&A continues as TUI Group acquires tech start-up Musement
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To strengthen its position in the excursions, tours and activities business, TUI Group has acquired the Italian tech start-up, Musement.
Though the acquisition, TUI Group seeks to increase the growth of its Spanish subsidiary, TUI Destination Experiences, and expand its holiday experiences portfolio. With worldwide revenues of EUR 150 billion (USD 174 billion), an annual growth of 7% and 20 million guests per year — the experiences market is one of the most attractive tourism segments for the group.
“We are taking a further crucial step”
Fritz Joussen, the CEO of TUI Group, commented: “We are aiming to provide the most highly personalised experiences possible to our 20 million customers. This will require a stronger digitalisation of our business. For me, digitalisation and personalisation are inextricably linked and constitute the key success factors for the future of tourism. With the acquisition of Musement, we are taking a further crucial step in this direction.”
Founded five years ago, Musement is a Milan-based tech start-up that provides an online platform for activities, tours, and excursions. It currently offers travellers an estimated 35,000 products in 1,100 cities around the world — a portfolio that ranges from admission tickets for museums, events and attractions via guided tours all the way to boat and bicycle tours.
The broader product range and digitalisation of the business are expected to deliver earnings growth. In addition, customers will be offered the opportunity to create their own individual experiences from a range of products designed to be as diverse as possible.
The acquisition sees TUI to have a unique business model in the growth market for tours and activities, as the Group will be the first provider to connect digital purchasing, distribution and production of experiences with physical delivery of the services in 49 countries around the world.
Musement will initially be managed as an independent unit within TUI Destination Experiences.
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