ASMALLWORLD AG: acquires LuxuryBARED, a travel booking platform specialised in luxury travel01.02.2019
ASMALLWORLD AG / Key word(s): Acquisition
ASMALLWORLD AG (SWX:ASWN) acquires LuxuryBARED, a travel booking platform specialised in luxury travel
Zurich, 01.02.2019 - ASMALLWORLD AG announces the successful acquisition of LuxuryBARED, a UK-based luxury travel booking platform, known as www.luxurybared.com. This strategic acquisition will expand ASMALLWORLD's service offering, allowing ASMALLWORLD members to book luxury hotels and cruises directly with ASMALLWORLD. This additional service offering allows ASMALLWORLD to increase its service revenue further and intends to capture a significant portion of the travel spend of its travel-savvy member base.
At the same time, the company announces that Dr. Luca Schenk is stepping down from the company's board of directors due to personal reasons.
ASMALLWORLD AG announces the successful acquisition of LuxuryBARED Holdings Ltd, the parent company of UK-based luxury travel booking platform LuxuryBARED.com. This strategic acquisition will further expand the service offering of ASMALLWORLD and is another important milestone to grow the company's service portfolio.
The integration of LuxuryBARED will give ASMALLWORLD members the opportunity to book luxury hotels and cruises from a curated collection of luxury hotels directly from ASMALLWORLD, through a state-of-the-art online booking engine.
ASMALLWORLD plans to continue to operate LuxuryBARED under its own brand and go-to-market strategy. It will also start to integrate the LuxuryBARED booking engine into the ASMALLWORLD website and app, offering its members a seamlessly integrated booking experience in the future. Following on from there, the integration will be expanded to First Class & More as well.
The synergies between the companies will be realised by leveraging LuxuryBARED's booking engine and curated hotel collection, through the additional demand generated by ASMALLWORLD and First Class & More members.
LuxuryBARED: A luxury travel website for discerning globetrotters
LuxuryBARED is a luxury travel booking and review website that curates its own selection of high-end luxury hotels. Its founder, Grant Holmes, who has more than thirty years' experience in the travel industry, set up the company in 2015. The goal of the company is to provide members and clients with a pre-selected collection of hotels, and to give customers unbiased and truthful reviews on luxury places to stay, along with sharing unique insight into destinations all over the world.
The company's booking system specializes in luxury hotels and offers with a wider selection of rates than most of its competitors. LuxuryBARED also offers its customers unique privileges, like breakfast for two, room upgrades, spa or dining credits, and complimentary Wi-Fi access. LuxuryBARED is also part of the Virtuoso network, a network of the world's best luxury travel agencies, allowing it to offer additional benefits and booking options to customers, which go far beyond the traditional offering from online travel agencies.
LuxuryBARED is headquartered in Chester in the United Kingdom and employs 8 FTE. Grant Holmes, the company's founder, will continue to lead the organization and will support the integration of the service into the ASMALLWORLD group.
The transaction was settled for an undisclosed consideration.
Jan Luescher, CEO of ASMALLWORLD, commented "LuxuryBARED's high-end hotel collection, paired with its strong tech platform, makes it a perfect addition to the ASMALLWORLD group. The integration of LuxuryBARED's service into the ASMALLWORLD social network will allow us to offer our members a differentiated, high-quality booking service. This will further increase the value proposition for our community and allows us to grow our service revenue further."
Dr. Luca Schenk steps down from Board of Directors due to personal reasons
Dr. Luca Schenk was elected to the Board of Directors of ASMALLWORLD AG as non-executive director in March 2018 and is a member of the Compensation Committee. He is an expert in public markets and played an important role in the company's listing process at the SIX stock exchange. Further, he played a vital role in setting up all processes related to the responsibility and duties of being a public company. Given the successful listing of the company after the initial setup phase, Dr. Luca Schenk has decided to step down from his responsibilities as Member of the Board to allow himself to focus on other personal and professional ventures that require his undivided attention.
Chairman of the Board Patrick Liotard-Vogt commented: "I would like to express my sincere gratitude to Luca for his outstanding commitment in establishing ASMALLWORLD as a public company and the entire Board of Directors wishes him continued success as he embarks on new challenges."
This press release and further information can be found at www.asmallworldag.com.
ASMALLWORLD, the world's leading lifestyle community, is a private social network that connects people with a shared passion for the good life.
Each year, ASMALLWORLD organizes more than 1000 events around the world, where members can expand their private and professional networks. The ASMALLWORLD website and mobile apps offer members the opportunity to engage in discussions, obtain travel advice from the Travel Guides or other members, and meet other members whilst travelling the world. Members also enjoy exclusive privileges from international partners such as status upgrades, discounts and additional services.
Besides the global ASMALLWORLD community, Zurich-based ASMALLWORLD AG operates First Class & More, a subscription-based luxury travel community, ASW Travel AG, which provides bespoke travel arrangements for its customers, as well as The World's Finest Clubs AG, which offers its members access to the most exclusive nightlife venues around the world.
End of ad hoc announcement
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