Club Med returns to the stock exchange after 11 years: brand owner files for IPO in Hong Kong

One of the world's most famous travel brands is preparing to return to the public market. ClubMed Lifestyle Group, which includes Club Med, filed an application on August 28 to list shares on the main board of the Hong Kong Stock Exchange.

The application was submitted by a subsidiary structure of China's Fosun International. The IPO parameters — number of shares, offering price and future valuation of the company — have not yet been determined. If the deal goes through, ClubMed Lifestyle will remain a subsidiary of Fosun.

For Club Med this is effectively a return to the stock exchange after more than a decade: the French tour operator was a public company in Paris for almost half a century, until Fosun bought it out and delisted its shares in 2015.

What exactly is going public

This time, investors will be offered shares not of the former French Club Méditerranée SA, but of ClubMed Lifestyle Group — a broader tourism structure where Club Med is the main brand.

The group operates premium all-inclusive resorts and simultaneously develops other tourism projects, mainly under a lighter model where it does not necessarily have to own all the real estate itself.

The joint sponsors of the offering are BNP Paribas, HSBC and J.P. Morgan.

Club Med manages 69 resorts worldwide

Currently under the Club Med brand there are 69 premium resorts. The network is present on six continents, and sales cover more than 40 countries and regions.

The company operates in several segments at once — from seaside resorts to ski complexes in the Alps, Japan, North America and China.

According to the application materials, by business volume in 2025, Club Med was the world's largest all-inclusive resort brand.

By 2030, ClubMed Lifestyle Group expects to expand the network to approximately 85 resorts.

How much ClubMed Lifestyle earns

The IPO materials for the first time give a fairly detailed picture of the financial scale of the business.

• revenue grew from €1.86 billion in 2023 to €1.95 billion in 2025;
• gross profit increased from €540 million to €590 million;
• adjusted EBITDA for 2025 reached €390 million;
• adjusted EBITDA margin was 20.2%.

Thus, Fosun is bringing to the stock exchange not just the historic French brand, but a large international tourism business with revenue of almost €2 billion a year.

Where will IPO proceeds go

ClubMed Lifestyle plans to use the raised capital primarily for international expansion.

The company names several main directions:

• expansion of the global resort network;
• modernization of existing facilities and tourism products;
• development of digital services;
• investments in artificial intelligence technologies;
• optimization of capital structure;
• financing current operations.

Among regions for further expansion are named the Alps, the Mediterranean and North Africa, Northeast and Southeast Asia, North America, the Caribbean and South America. Separately the company is considering opportunities in the Middle East.

Why Club Med left the stock exchange in the first place

Club Med for a long time was a classic French public company. Its shares traded on the Paris stock exchange from 1966.

The situation changed after a prolonged struggle for control of the company. In early 2015, a consortium led by China's Fosun received more than 95% of Club Med's capital and carried out a compulsory buyout of the remaining shares.

In March 2015, Club Med was delisted from Euronext Paris.

Later Club Med was already indirectly present on the public market: its business was part of Fosun Tourism Group, which conducted an IPO in Hong Kong in December 2018 and raised approximately HK$3.34 billion.

But in March 2025, Fosun Tourism was again privatized and left the Hong Kong Stock Exchange.

Now Fosun is changing its tourism business structure again

The new application means another twist. Instead of the former broad Fosun Tourism, the market is planned to be offered a structure much more focused on Club Med and international resorts.

The Hong Kong Stock Exchange has already confirmed Fosun's ability to continue the procedure of spinning off ClubMed Lifestyle into a separate public company.

However, the filing itself does not yet mean that the IPO will definitely take place. Neither the size of the offering, nor the price range, nor the expected capitalization of the company have been announced.

If the deal is completed, Club Med will return to the public market in a completely different form: the brand that once traded in Paris as a French tourism company will become the main asset of an international group with a listing in Hong Kong and a Chinese controlling shareholder.