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Iconic travel brand Cox & Kings, which went bust in 2019, is all set to make a comeback under a new owner, Singapore’s private equity (PE) firm Wilson & Hughes which wants a pie of the fast growing Indian travel market.
The deal amount has not been disclosed.
The revamped company will focus on four business areas, which are leisure travel, business travel, specialised travel, and travel technology, according to a company statement.
The acquisition, completed through the PE firm’s Indian subsidiary, includes only the Cox & Kings brand and assets, excluding any responsibility for financial and legal issues tied to the company’s past operations.
Under previous management, Cox & Kings faced severe financial troubles, entering bankruptcy in 2019 and undergoing bankruptcy proceedings with the National Company Law Tribunal (NCLT).
Wilson & Hughes acquired the brand and its associated collateral via the National Company Law Tribunal (NCLT) process. The deal also brings in over 200 sub-brands that were historically part of the travel company’s portfolio.
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“The travel industry is evolving rapidly, and we recognise the tremendous opportunity to redefine global travel experiences,” said Karan Agarwal, Director, Wilson & Hughes.
“Our goal is to merge the best of tradition with forward-thinking technology by leveraging advanced technology, AI, and data-driven insights,” Agarwal said.
The travel industry in India is expected to hit $125 billion by 2027 and this deal marks Wilson & Hughes’ first major foray into travel, leveraging its experience in sectors like finance, FMCG, and hospitality to elevate Cox & Kings in a competitive market.
With a renewed emphasis on luxury, the company will focus on integrating advanced technology, including AI, machine learning, and data analytics, to create tailor-made journeys for travellers that anticipate their needs and enhance the traditional travel experience, stated the release.
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