Tui Group steps out of branding partnership with Tui Russia

Europe’s biggest holiday company took the decision of cancelling the branding deal after the billionaire was affected by EU sanctions due to the war in Ukraine.

The company established in 2009 had a partnership with Severgroup, owned by Mordashov, before he was obliged to resign from the board last week.

Fritz Joussen, the CEO of Tui Group, declared:

“Tui condemns Russia’s attack and war against Ukraine. Our position is clear. The Tui brand must no longer be used by Tui Russia for its business and the company’s presence.”

Nevertheless, Tui Russia is expected to announce a new brad name later this week.

Despite Mordashov controlling a third of Tui’s shares, his stake was frozen, so the billionaire cannot profit them in any way.

On the other hand, the oligarch has recently declared that he had “absolutely nothing to do with the emergence of the current geopolitical tension” and considers the EU sanctions on him unfair.

Alexei Mordashov is not the only one forced to step out of Tui, as Vladimir Lukin also recently resigned from the company’s board.

 

Source: theguardian.com