Another day, another change within the Flight Centre Travel Group. This time, it’s the complete acquisition of the Gold Coast-based travel deal brand, Ignite Travel.
Flight Centre Travel Group (FCTG) announced the buy-out this morning, saying it already had a 49 percent stake in Ignite Travel and acquiring the rest would help the Group tap into the ‘readymade’ holiday package model.
Terms of the acquisition remain confidential, however, FCTG did confirm that Ignite will operate as a separate entity under the group’s Emerging Brands division.
It will also maintain its operating model and its Founder, Randall Deer, who will take on a new strategic product development role within the FCTG.
Graham Turner said in an update to shareholders that the ‘readymade’ model is “growing rapidly” in Australia and Ignite’s product suite would integrate nicely into Flight Centre Travel Group’s leisure network.
Additionally, full ownership will allow Ignite to expand internationally. This will be partly-led by the brand’s Randall Deer, who will help take the model into desired new markets.
And most importantly…
“Full ownership of the business will allow for streamlined integration of Ignite’s innovative products and will deliver new offerings and choices to our customers.“
Graham Turner, Flight Centre Travel Group Managing Director
Ignite Travel turned over $180 million during the 2019 fiscal year across its three business models. Under Ignite’s My Holiday Centre division, the company has 14 B2C retail brands including MyFiji, MyHawaii, MyQueenslandHoliday and MyCruises.
The brand is also divided into Holiday Exclusives, which provides third-party partners including 7Travel and flybuys with exclusive holiday packages, and RewardCorp that provides sales and loyalty programs to corporate clients.
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