Stephane Maquaire appointed as new president, CEO of Club Med
According to a press release issued by Club Med, a company specializing in all-inclusive resort services, a key criterion in the succession process was the continued pursuit of the Group's international expansion strategy while preserving its French roots and long-standing core values.
Maquaire is expected to build on the current strategy while guiding the company to seize new opportunities in a fast-evolving travel and hospitality landscape, the company stated.
For his part, Maquaire said that he was honoured by the opportunity to lead the renowned Club Med into its next chapter of success.
In 2015, Chinese conglomerate Fosun completed the acquisition of Club Med, which at the time was facing operational challenges. Former French Prime Minister Jean-Pierre Raffarin has described the investment as a positive development not only for the Chinese investor, but also for the French tourism sector.
Since the acquisition, Club Med has grown rapidly and now operates over 70 resort villages in approximately 40 countries.
Describing him as a leader with deep experience in the consumer sector and a remarkable international track record, Xiaoliang Xu, co-CEO of Fosun International and Chairman of Club Med Holding, said Maquaire is ideally positioned to accelerate Club Med's momentum and write the next chapter of its extraordinary story.
Club Med has also seen significant growth in China. According to Fosun, China became the company's second-largest source market in 2024, with 310,000 visitors recorded across its 11 resorts in the country.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
25 minutes ago
- The Star
Stable, healthy Sino-US ties benefit all
The United States should work with China to continue to enhance consensus, reduce misunderstandings, strengthen cooperation, further deepen dialogue and consultations, and strive for more win-win outcomes, Vice-Premier He Lifeng said in Sweden late on Tuesday. A stable, healthy and sustainable China-US economic and trade relationship serves not only the two countries' respective development goals, but also contributes to global economic growth and stability, he emphasized. The vice-premier made the remarks during the new round of China-US economic and trade consultations in Stockholm, which were held on Monday and Tuesday with US lead negotiator Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. Based on the meeting consensus, both sides will continue pushing for a continued extension by 90 days of the pause on 24 percent reciprocal tariffs of the US, as well as countermeasures by China. Li Chenggang, China's international trade representative with the Ministry of Commerce and vice-minister of commerce, said at a news briefing after two days of consultations that both sides were fully aware of the importance of safeguarding stable and sound China-US trade and economic relations, and the teams from both sides agreed to continue to maintain close contact on key issues of mutual interest. US Treasury Secretary Bessent described the talks in Stockholm as "constructive". The latest round of economic and trade talks between the world's two largest economies was the third in recent months. All have been aimed at smoothing frayed trade relations and easing the triple-digit levies placed on each other's goods earlier this year. In May, the two sides agreed during talks in Geneva to a 90-day pause of the sky-high levels previously set for tariffs. US levies were then set at 30 percent on Chinese imports to the US, while US products to China were given a 10 percent tariff. As of Tuesday evening, those rates remained in place. In another development, Foreign Minister Wang Yi met on Wednesday with a delegation of the board of directors of the US-China Business Council in Beijing. China hopes to strengthen contacts with the US to avoid misjudgment and manage their differences, Wang said, adding that China will handle and develop its ties with the US following the principles of mutual respect, peaceful coexistence and win-win cooperation. China's policy toward the US has been continuous and stable, and China stands ready to implement the common understandings reached by the two countries' heads of state to promote the steady, sound and sustainable development of bilateral relations, he said. More channels for communication and consultation should be set up between the two countries, the foreign minister said. Deeply intertwined Despite trade tensions between China and the US, the two economies remain deeply intertwined, with the US market exhibiting a strong dependence on China's manufacturing sector that would be extremely costly for Washington to unwind, said Chen Wenling, former chief economist at the China Center for International Economic Exchanges. The new extension of the tariff truce will give the world's two largest economies more time to seek more substantive and mutually beneficial solutions, Chen said. On Wednesday, Commerce Minister Wang Wentao met with a delegation of the US-China Business Council board of directors in Beijing. Wang said that opening-up is China's fundamental national policy, and the country's door will only open wider. "With one of the largest consumer markets in the world, China offers tremendous growth potential and innovation vitality," said Wang, adding that China welcomes companies from all countries, including the US, to invest in its market. Rajesh Subramaniam, board chair of the US-China Business Council, said the council welcomes the continued dialogue and positive outcomes achieved by the economic and trade teams of both sides. China has sent a strong signal to the world of its commitment to further reform and continued opening-up, which has helped boost market confidence, he said. Economists and business leaders around the world are closely watching the next steps, as tariffs have caused widespread uncertainty in most industries. David A. Gantz, an economist at the Baker Institute for Public Policy at Rice University in the US, said he believes that the specific tariffs will have a big effect on the global economy. The increased US tariffs on steel, aluminum, copper and automotive goods, and on other goods imported from virtually all US trading partners, will have a negative impact on the US economy, Gantz told China Daily. Liu Min, president of Yuyao Huanchain Electric Co, a Ningbo, Zhejiang province-based manufacturer of electrical wires and cables, said his company hopes for further stability and predictability in China-US trade ties to sustain its business growth. "By continuously analyzing and responding to customer needs, we have developed new products for container trucks with strong customer loyalty in the US market, helping us mitigate the impact of additional US tariffs," said Liu. The Chinese company recorded over $10 million in exports to the US in the first half of 2025, marking a 28.25 percent year-on-year increase, according to Ningbo Customs. Li Yong, a senior fellow at the China Association of International Trade in Beijing, said that cooperation based on rules and consensus can help prevent the harm caused by unilateral sanctions and confrontation. Dialogue is the only right way forward, he emphasized. Liu Ying, a researcher at Renmin University of China's Chongyang Institute for Financial Studies, said stable China-US business ties can help companies on both sides stabilize expectations and better navigate uncertainties in the global market. Wang Lingjun, vice-minister of the General Administration of Customs, said that the essence of China-US economic and trade cooperation lies in mutual benefit and win-win outcomes. - China Daily/ANN
The Sun
an hour ago
- The Sun
RMK13: Inclusive economic boost for all communities
PETALING JAYA: The 13th Malaysia Plan (RMK13) reinforces the government's commitment to inclusive development by implementing targeted initiatives across various communities, with a strong focus on education, entrepreneurship and infrastructure. The Gate to Global (GTG) programme will be further expanded to empower Bumiputera entrepreneurs, offering support in export matchmaking, capacity building, product development, and digital marketing. This move aims to increase Bumiputera participation in the global market and strengthen their presence in strategic industries. In Sabah and Sarawak, the focus will be on the Anak Negeri and Bumiputera communities, with initiatives designed to enhance access to commercial premises, financing, and structured training. Mentorship programmes will also be introduced to nurture entrepreneurial growth in rural and semi-urban areas. For the Chinese and Indian communities, RMK13 lays out comprehensive development plans that cover education, entrepreneurship, housing, and public infrastructure. A key highlight is the implementation of the Pelan Induk Pembangunan Kampung Baru, which aims to revitalise Kampung Baru Cina through financing support and the upgrading of hawker centres to stimulate local economies. The Indian community will also benefit from an increased focus on STEM and TVET education, alongside home repair programmes and initiatives to strengthen community governance. These efforts are designed to create sustainable development and uplift living standards. Additionally, the government will undertake infrastructure upgrades to improve connectivity and quality of life for both Chinese and Indian communities, with special attention to the needs of women, youth, and senior citizens. At the heart of the Bumiputera agenda is PuTERA35, a framework anchored on the '3P strategy' — broad participation, meaningful ownership, and dominance in strategic sectors. Key institutions such as MARA, TERAJU, UiTM, and PNB, alongside GLCs and private sector collaborations, will drive efforts to empower Bumiputera entrepreneurs and professionals. To further boost regional competitiveness, RMK13 also introduces a relay race model aimed at sustaining long-term business success, with government support to help Bumiputera companies get listed on Bursa Malaysia.
New Straits Times
3 hours ago
- New Straits Times
China factory activity cools as demand abroad, at home weakens
BEIJING: China's manufacturing activity shrank for a fourth straight month in July, an official survey showed on Thursday, suggesting a surge in exports ahead of higher US tariffs has started to fade while domestic demand remained sluggish. The purchasing managers' index (PMI) fell to 49.3 in July versus 49.7 in June, National Bureau of Statistics (NBS) data showed, below the 50-mark separating growth from contraction and missing a median forecast of 49.7 in a Reuters poll. The reading was the lowest since April. While US and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, policymakers in the world's second-biggest economy still need to deal with overcapacity in key industries, protracted property market weakness and tepid household demand. "Export momentum is likely to slow following the dramatic front-loading in the first half," said Xu Tianchen, senior economist at the Economist Intelligence Unit. "One silver lining for China, however, is that it won't struggle with a significant cost advantage after Trump is going to charge 15–20 per cent tariffs to its other major trade partners." According to the NBS survey, the new export orders sub-index remained in contraction for a 15th straight month, nudging down to 47.1 from 47.7 in June. Overall new orders fell into contraction from June's expansion, indicating demand at home is also weak. Hong Kong and China equities slipped in response to the data. NBS statistician Zhao Qinghe said the traditional off-season for manufacturing, high temperatures, heavy rains and flooding in some regions in July combined to push the PMI lower. Production growth slowed in July and employment was still weak as producers tried to save costs, the NBS survey showed. Raw material input prices also grew and output prices rose to 48.3 from 46.2 in June, echoing authorities' efforts to tackle price wars among producers. China's economy grew 5.20 per cent in the second quarter, ahead of expectations, helped by the government's policy support and US President Donald Trump's decision to pause a massive hike in tariffs to allow further negotiations. That prompted the IMF to lift its forecast on the country's annual growth to 4.80 per cent this year compared with a previous forecast for 4.0 per cent. Top leaders at a Wednesday meeting pledged to "manage disorderly competition" among enterprises for the remainder of the year, as steep price cuts among manufacturers fuelled industrial deflation. "(We) must help foreign trade companies that have been greatly affected and strengthen financing support," state media Xinhua reported, citing a summary of the meeting. Analysts have emphasised the need for China to shift away from a state-led, export-driven manufacturing economy to one powered by increased domestic consumer demand. They said this week's announcement of childcare subsidies is a small but encouraging step toward economic rebalancing. With authorities striving to spur a flagging birth rate, China will hand out an annual childcare subsidy of 3,600 yuan (US$501) until age three. Still, the non-manufacturing PMI, which includes services and construction, dropped to 50.1 in July from 50.5 in June, the lowest reading since November, according to NBS. Despite the summer vacation travel season, the services PMI also declined to 50.0 from June's 50.1.
