Selina is expanding business

Selina has recently set its new profitability target and has announced its plans to produce music festivals and manage wellness retreats for its customers, as it pursues higher hospitality revenues.

“We remain focused on achieving profitability as we grow and scale our platform, and continue to progress towards near-profitable margins,” declared CEO and co-founder Rafael Museri.

The move is part of the business expanding strategy and comes to respond the requests of investors. The company registered higher financial income when compared to last year, translating into $86 million in revenues and a $4 million loss. Moreover, according to the original plan, Selina awaits to be listed on the New York Stock Exchange via a BOA Acquisition Corp merger.

Sims, one of the company’s new brands, will produce music festivals and events hosted by the group’s venues, while Mantra will be appointed to manage the wellness retreats. According to anticipations, the two brands will considerably contribute to bookings and hospitality marketing growth.

The announced strategy targets millennials and Gen-Z travellers, as the company representatives believe that the market offer is insufficient when compared to the growing customer demand. Over 2 million young people are expected to visit Selina’s properties in 2022 alone, as the startup will focus on “co-working, recreation, wellness, and local experiences in sought-after destinations,” for the millennial and Gen-Z segment.

 

Source: skift.com