After its second round of financing, Phoenix Travel Worldwide will make acquisitions and bolster its B2B operations while boosting its technological transition and trimming staff.
Phoenix Travel currently has 20 subsidiaries in travel services that include outbound tourism wholesalers, luxury travel, business travel, airline ticket service, overseas study service and visa application. It will likely concentrate its investments in hotels, websites and tourism properties to increase its asset value, according to an investor.
Phoenix Travel president Lixin Xie said it will continue to focus on its B2B operations while restructuring its subsidiary brand Global Joy by trimming down its multi-destination operations and transform it into a specialist European travel company.
“Phoenix Travel has already developed an information platform, and will subsequently downsize as there is redundant labor in our 1,000 strong staff with increased platform usage and e-commerce channel development,” Mr. Xie said.(Translation by David)
