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| The change in strategy was not successful and the Club fell deeply into loss in the downturn following the 11 September 2001, attacks in the USA.<br />In 2002 a new CEO, Henri Giscard d'Estaing, was appointed.<br />A new strategy was announced, returning to a focus on the holiday villages and for upmarket vacationers.<br />Oyyo, Club Med World Montreal and many villages, particularly those in North America or with more basic facilities, were closed.<br />The Club returned to profit in 2005.<br />In 2004, the hotel group Accor became the largest shareholder, but it sold most of its stake in 2006, announcing that it wished to refocus on its core businesses.<br /> From 2001 on, the resort company worked to rebrand itself as upscale and family-oriented.<br />In 2006 and 2007, Club Med and its partners dedicated a total of $530 million to renovate and revamp the group’s portfolio of offerings.<br />2006 saw Club Med close five of its more rudimentary resorts and upgrade seven others (Club Med Cancun Yucatan, Mexico; Club Med Caravelle, Guadeloupe; Club Med La Plagne, French Alps; Club Med Opio in Provence, France; and soon Club Med Albion, Mauritius; Club Med Ixtapa Pacific, Mexico; and Club Med Buzios, Brazil).<br />Two of Club Med's oldest resorts have recently gone through a major re-vamp: Club Med Bali, the oldest Club Med outside of France, has recently gone through a 15 million dollar make-over; and Club Med Ria Bintan, with a 10 million dollar make-over.<br />In 2008 Club Med launched a new advertising campaign “Where Happiness Means the World.” More than 25 million euros were invested in this campaign in 24 countries. (*) |
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