Major changes have been signalled at Club Med, after Henri Giscard d’Estaing, who has led the company since 2002, left the business abruptly.
The move came after a disagreement over company strategy came to a head, with Chinese shareholding owner Fosun International insisting on their path forward. A new president and CEO, Stephane Maguire, has been appointed by the owners, with Giscard d’Estaing stepping down immediately. In this situation, there will be no transition period, as had been planned, with the outgoing chairman supporting his incoming successor.
Plans for a stock market listing
Giscard d’Estaing had been vocal in his belief that the Club Med business should be floated on the stock market, aiming to list the company on the Paris exchange some time in 2026. He believed the group needed to remain clearly connected to its French roots, and would benefit from more international governance and transparency over its ownership.
Fosun, however, disagreed with the idea. Now, with the Chinese conglomerate demonstrating its ultimate control over the business, the future is likely to take the business in a new, unplanned direction.
Giscard d’Estaing’s time leading the business has been a period of growth and success. Club Med has substantially built its network of resorts, adding many more international markets, and delivering solid business results. Helped in part by a shift to take the business upmarket, the Club Med operating margin quadrupled in a decade. However, he did complain that with a largely Chinese directorship, there was little appreciation of the brand’s global reach, or its French roots.
Meanwhile, the Club Med business continues to expand internationally. Unsurprisingly, taking into account its Asian ownership in recent years, and the opportunities presented as leisure travel grows in China, there are several resorts in development and planning across the region.
Club Med resorts under construction include Club Med Wenzhou Tianding Lake, a 200 room property being prepared for launch in late 2027, and part of a new international tourist resort in the Chinese coastal city. Plans are also being drawn up for future resorts in Qingdao, Suining and Shenzhen.
Growth across Asia and the Americas
Elsewhere in Asia Pacific, Club Med is building a new resort in Kota Kinabalu, Malaysia, and is planning Club Med Krabi Resort, Thailand. While in the Middle East, plans are being drawn up for Club Med resorts in Musandam, Oman and Essaouira in Morocco.
The Club Med brand is also growing in the Americas, from the south to the north. Club Med Gramado in Brazil will open in 2026, promising guests the choice of warm summer stays, or snowy winters. In Mexico, the 436 room Club Med Cancun is having an upgrade, while in eastern Canada, Club Med Tremblant will be a 300 room summer and winter resort, due to complete in 2028.
