Travelex, the world’s largest foreign
exchange specialist, is launching its new brand identity with a
US$4.26 million advertising and sponsorship campaign in the international
business media. This follows its recent US$630 million acquisition of Thomas
Cook Global & Financial Services. Travelex acquired the rights for use of the
Thomas Cook Global & Financial Services brand for up to five years and in
perpetuity for Thomas Cook Travellers Cheques. Following an extensive brand
review, Travelex took the key decision for the combined business to operate
under the Travelex name. It will use the licensing period to pursue a brand
migration strategy that is appropriate to each area of the business.
Travelex is a diversified worldwide money business offering retail,
corporate and commercial currency services to consumers and institutions
throughout the world. The company has extensive North American operations in
both retail and corporate services. Major offices are located in Garden City,
New York; Omaha, Nebraska; and Toronto, Canada, and over 100 retail branches
are found in U.S. airports with about 50 additional retail branches in North
American city centers.
The branding strategy and advertising campaign, devised by smith&milton
and LIDA from the M&C Saatchi village targets key corporates, analysts and
media owners. Revolving around the creative theme ‘You’d notice if we weren’t
there,’ the advertisements depict well-known images-such as tourist
attractions-with important pieces missing, serving as a reminder that foreign
exchange is an essential element of international business and travel. In
fact, more worldwide travelers and businesses rely on Travelex than any other
Lloyd Dorfman, Chairman and CEO of The Travelex Group, said “This
campaign and our new identity have been designed to reflect the incredible
business opportunity resulting from the combination of these two major brands.
The campaign clarifies the new relationship between these former competitors
in the retail and commercial foreign exchange markets and marks the way
forward for our global business to go on and achieve even greater success.”
“Travelex has grown into a global business in just 25 years. The
acquisition of Thomas Cook’s Global & Financial Services has created a
business that would have had a combined turnover of US$28.4 billion in 2000.
The combined business would also have had a pro-forma EBITDA of over
US$105 million in 2000,” he concluded.
The campaign will run from June to September in the Wall Street Journal,
Financial Times (UK and international editions), Economist and Business Review
Weekly, as well as in the major long-haul in-flight magazines.
“As a combined company, we wanted a new brand identity that would not only
reflect each of our company’s heritage but demonstrate the power of our
combined status as the world’s largest foreign exchange specialist,” said Tony
Horne, Senior Executive Vice President of Travelex America. “We want the new
Travelex brand to become synonymous with foreign exchange, for all users of
foreign currencies-from international travelers to corporations.”
The new visual identity, which reflects the heritage of both Travelex and
Thomas Cook, will be adopted across Travelex’s global network of 650 retail
outlets and across its Global Payments, Outsourcing and Business Partners
As Tim Duffy, Managing Director at M&C Saatchi, London, said “Travelex is
made up of two distinct sectors-retail and corporate-brought together with one
unifying thought ‘worldwide money.’ The current brand strategy is to develop
a world-leading financial services brand which reflects the global, secure and
expert nature of the company and has instant recognition and credibility
To support the re-branding, Travelex has also become the official sponsor
for the Australian cricket team for this summer’s Ashes tour, in a major
six-figure deal that will raise its profile among business and consumer
Travelex conducts 29 million foreign exchange transactions every year-more
than any of its competitors. It is also the world’s principal specialist in
the corporate international payments business.
Travelex was recently ranked 18th in the Sunday Times Profit Track 100
(May 20, 2001), which follows the performance of Britain’s fastest growing
private companies. The company employs nearly 6,000 staff across the world.
Travelex, the trading name of parent holding company Travellers Exchange
Corporation Limited, is a diversified worldwide money business offering
retail, corporate and commercial currency services to consumers, corporations
and institutions throughout the world. The company was founded in 1976 as a
single retail travel money branch in London and opened its first airport
outlet at Heathrow ten years later. The Travelex Group acquired Thomas Cook
Global & Financial Services, the financial services division of Thomas Cook,
on March 27, 2001, solidifying the company’s position as the world’s largest
foreign currency specialist. Headquartered in London, Travelex is privately
owned and employs approximately 5,000 staff around the world. 3i, Europe’s
largest venture capital company, is a 33% shareholder. For more information,
please visit http//www.travelex.com.