Tui pulls brand use agreement with Tui Russia
James ChappleTui has terminated its brand use agreement with Tui Russia following Russia’s invasion of Ukraine.
The deal allowed Tui Russia to use the Tui brand in a number of countries. These included Russia, Ukraine, Belarus, Kazakhstan and Uzbekistan.
"The Tui brand name may no longer be used by Tui Russia," said Tui in a statement. Tui Russia is not part of Tui Group. Tui sold its remaining stake in Tui Russia last year.
"Tui condemns Russia’s attack and war against Ukraine," said chief executive Fritz Joussen. "Our position is clear. The Tui brand must no longer be used by Tui Russia for its business and the company’s presence."
It is the latest development in a difficult fortnight for the European tourism giant following Russia’s invasion of Ukraine.
Tui’s largest single shareholder, Russian oligarch Alexey Mordashov, was forced to quit the group’s supervisory board last week owing to EU sanctions on high-value Russian individuals.
He was followed out by another Russian member of the supervisory board, Vladimir Lukin. Mordashov holds a 34% stake in Tui and was credited by Joussen for "propping up" the business during the Covid crisis.
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