The departure from the Karavel-FRAM-Promovacances group of its co-founder, Alain de Mendonça, may have consequences for the French tourism market.
After 25 years at the leadership of the group, Alain de Mendonça is stepping down from operational management, the group announced.
His close associate, Cyrille Fradin, deputy CEO, will succeed him as group president and Folco Aloisi, co-founder, takes over as CEO.
Cyrille Fradin and Folco Aloisi “will continue the strategy of the leading group in online holiday sales, which has led to steady business growth and remarkable results in recent years”. Meanwhile, Alain de Mendonça will “support the current management team during this transition period”, according to the announcement.
“These placements confirm the excellence of the team that is driving the strong growth of the group, whose sales have increased by 2.5 times since 2019,” the statement added.
“After 25 years of hard work and dedication, I am proud that collectively we have succeeded in creating one of the leading tourism groups in France, enabling almost one million French people to travel each year with our exceptional brands Fram, Promovacances and AB Croisière ”, said Alain de Mendonça.
The investment that stopped
As announced in December 2023, ADNEC, a subsidiary of Abu Dhabi’s sovereign wealth fund, was to acquire a stake in the Karavel-FRAM-Promovacances group in the coming months. However, following this announcement, the deal appears to have been put on hold. The official reason for the delay is the cumbersome process in Brussels.
But the rumors about Alain de Mendonça’s responsibility for this delay are “raging” in the French tourist market. In this context, after the announcement of his departure from the leadership of the group, the French tourism website Tourmag wrote: “Could Alain de Mendonça pay for this lost opportunity?”.
However, it remains to be seen whether the replacement of Alain de Mendonça by Cyrille Fradin will result in the completion of the deal with the Abu Dhabi investment fund or whether there will be changes in the course of the group and how these will affect the French tourism market .
These developments are also of particular interest to the Greek hotel market, which is in the process of signing new contracts with tour operators for the summer season of 2025. After all, France is Greece’s third largest market “source” of incoming tourism , with over 1.8 million French people visiting our country for their holidays.
The group includes several brands, including ABCroisière and Partir Pas cher. Since November 2015, Karavel has developed strong synergies with the Toulouse-based tour operator FRAM, an iconic company in the tourism industry, founded in 1949.
Who is the FRAM-Promovacances-Karavel group
Karavel-Promovacances and FRAM are two of the leading tour operators in France, jointly occupying the second place in the French market.
Founded in 2000, Karavel-Promovacances operates as a travel agent and online travel agency, offering a full range of services, including airline tickets, hotel rooms, cruises and package holidays, through multiple online channels receiving over seven million unique visitors every month . The tourism department was created by Karavel-Promovacances and FRAM in 2000 by Alain de Mendonça and Folco Aloisi when they were students in the United States (Harvard and MIT).
It is known both to B2B and to the general public, with strong labels such as Framissima clubs, Jumbo clubs, a wide range of tours and cruises through the subsidiary AB Croisière.
Promovacances was founded in 1998 and is the flagship of the Karavel group. It is its main online channel and the brand for its network of 60 agencies across France. The business also manages bookings via its online pre-booking service, has a dedicated sales team that handles large-scale discounted group bookings for businesses, schools and universities and is supported by three call centres.
FRAM, based in Toulouse, is an iconic company in the tourism industry, founded in 1949, with an established brand, providing diversified package offers, including specialized holiday services and activities, in particular within the framework of club Framissima. It focuses on tours distributed through third-party travel agencies and its network of 40 agencies.
