Upmarket French leisure group Club Med is branching out in China where it will open a ski village next year to boost its profits, it said on Friday, reporting a fall in yearly earnings.
"We… aim to make China one of our largest markets within the next five years, with five managed villages due to open there" by 2015, the group's chief executive Henri Giscard d'Estaing said in an earnings statement.
The company said it was finalising a management contract for its first venture in China, a ski village due to open in 2010.
Club Med, which offers trendy tailor-made package holidays in its "villages," reported a loss of 53 million euros (78 million dollars) for the year to October 31, due to restructuring costs.
Its sales revenues fell by nine percent to 1.36 billion euros from the previous 12-month period, it said.
"We are steadfastly and determinedly pursuing Club Med's strategy as the worldwide specialist in upmarket, all-inclusive vacations, by leveraging our brand," Giscard d'Estaing said.
"We are continuing to win over more upscale customers despite the crisis."
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