Tarsus Group Sells Majority Stake in French Venture
October 5, 2011
U.K.-based Tarsus Group sold its 51-percent stake in its French joint venture ModAmont SAS to joint venture partner Premiere Vision SAS for €6.1 million ($8.04 million).
ModAmont takes place biannually in February and September in Paris and is the leading exhibition for fashion accessories in France.
“The disposal of ModAmont will materially reduce our exposure to the lower growth European market and less than 10 percent of Group profits will now be generated from France. Tarsus France will continue to focus on its remaining wholly owned portfolio of exhibitions,” said Douglas Emslie, Tarsus Group’s managing director.
He added, “We now have greater financial flexibility to accelerate our drive into the faster growth emerging markets, where we are actively pursuing potential acquisitions. As we continue to execute our growth strategy, we anticipate a further significant increase in the proportion of our business coming from the emerging markets.”
In May, Tarsus Group acquired 75 percent of the issued share capital of Istanbul Fair Organization, one of the largest independent exhibition businesses in Turkey, for up to £10 million ($16 million) in aggregate payable in cash.
Emslie said at the time, “The acquisition of IFO is an important step in the realisation of our 50/13 strategy to increase Tarsus’ revenues from fast-growing, emerging markets to 50 percent of our total by 2013.”
In a trading update, since the company released its interim results July 27, Tarsus Group has held three major exhibitions.
OffPrice took place August in Las Vegas and generated a like-for-like revenue increase of approximately 6 percent.
ModAmont and Labelexpo Europe (the second largest show in the group’s portfolio that is held in Brussels) both took place in September and produced like-for-like revenue increases of 9 percent and more than 10 percent, respectively, both slightly ahead of management’s expectations.
Tarsus Group’s largest event in the fourth quarter, the Dubai Airshow – on tap Nov. 13-17 at the Airport Expo in Dubai, United Arab Emirates - is on track to meet management’s expectations.
Forward bookings continue to be strong and the board increasingly is confident of good
progress being made this year, according to Tarsus Group officials.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment