One of China’s leading travel e-commerce sites, Ctrip (NASDAQ:CTRP - News), has made a move into the luxury travel sector with the acquisition of the Trip TM company, which runs tours that can cost well over 100,000 RMB (US$15,900). The financial terms of the deal haven’t been revealed.
Beijing-based TripTM.com has been operating for four years, and its ‘HHTravel’ premium tours will continue apparently unchanged under Ctrip’s corporate wing. It pricey, curated jaunts leave from Beijing, Shanghai, and Taipei to dozens of destinations around the globe.
The announcement was made at the weekend at a press conference in Beijing. At the event, Fan Min, Ctrip’s CEO, said:
The strategic investment in Trip TM will help realize Ctrip’s goal to bite half market share of the top-end tours in China.
Smaller startups have been entering into this niche travel space as well, such as the boutique tours offered by Zanadu.