Cathay Pacific launches lifestyle brand as travel revenue dries up
Reuters
Published Jul 05, 2021 05:37AM ET
(Reuters) - Hong Kong's Cathay Pacific Airways (OTC:CPCAY) said on Monday it had launched a lifestyle brand to provide offers in hospitality and shopping as the airline seeks to tap new revenue streams amid a collapse in travel demand.
The brand "Cathay" will allow users to purchase services and goods through the airline only in Hong Kong at first, which will be expanded globally later, the company said, adding that a credit card in conjunction would be launched soon.
Cathay's move comes after low-budget carrier AirAsia in March announced plans to launch air taxi and drone delivery services, while Singapore Airlines (OTC:SINGY) branched out into the restaurant business last year.
The Hong Kong flag carrier has been hit hard by the pandemic like its industry peers, with Cathay operating at just 8% of its usual passenger capacity as it forecast "substantial" losses for a third consecutive half.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.