Ten Lifestyle Wins Services Contract With China Merchants Bank

(Alliance News) - Lifestyle and travel platform company Ten Lifestyle Group PLC said Thursday it ...

Alliance News 13 June, 2019 | 1:04PM
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(Alliance News) - Lifestyle and travel platform company Ten Lifestyle Group PLC said Thursday it has won a three-year contract with China Merchants Bank.

Under the contract, Ten Lifestyle will provide travel and lifestyle concierge services to the bank's Private Banking clients.

The contract is expected to launch within the month of June, and start as a "small contract" but is expected to grow to Medium size within 12 months and eventually become a Large contract in the following years.

Small contracts for Ten Lifestyle have a value below GBP250,000 in net revenue per year. Medium contracts are worth between GBP250,000 and GBP2.0 million, while large contracts are worth more than GBP2.0 million.

"CMB have a fantastic global reputation for providing the very highest levels of service to their clients and we are truly honoured to be appointed to offer our premium travel and lifestyle services to their most valuable clients. This win further reinforces our belief that Ten is the market leader for technology-enabled travel and lifestyle services in mainland China," said Chief Operating Officer Andrew Long.

Shares in Ten Lifestyle were up 5.3% at 87.38 pence on Thursday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Ten Lifestyle Group PLC 88.00 GBX 0.28 -
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