• A Club Med resort

A Club Med resort (Photo : Club Med)

A massive expansion plan is in the works for Club Med with plans to open 15 new resorts worldwide in the next three years and to upgrade nine of its existing sites.

Among those to be opened are three mountain village resorts in France, to be opened one year apart from each other until 2019, Club Med CEO Henri Giscard d'Estaing announced. France is Club Med's biggest market.

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The holiday company also plans to open one in China and one in Japan in 2017.

Giscard said described the initiatives as a "march forward" that is "now accelerating." Chinese conglomerate Fosun Group took control of Club Med in Jan. 2015 after a fierce takeover fight lasting nearly two years with Italian tycoon Andrea Bonomi.

Fosun gives Club Med a chance to diversify its expansion, notably in the booming Chinese market. Club Med sources 70 percent of its revenue from the European market.

The takeover made Club Med more luxurious as 77 percent of the 68 holiday villages it operates worldwide are classified as premium or luxury compared to the mere 55 percent in 2010, when Fosun bought an initial 7 percent stake in the company.

Club Med also attracted more customers in China, which is its second largest market with 200,000 customers, up from 59,000 in 2010. Its resorts in China are located in Beidahu, Guilin, Sanya, Yabuli, and Zhuhai Dong'ao Island.

The resort firm's biggest market remains to be France with its 406,000 customers, which is practically unchanged from 2015.

This year, Club Med will open a Joyview branded resort that is designed to provide the opportunity to enjoy short holiday breaks in Anji. Joyview resorts are established near China's major cities, that includes Anji, which is relatively close to Shanghai.

Club Med reported a 1 percent rise in clients worldwide to 1.26 million in 2016 and generated a 15 percent increase in Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amid a 1 percent dip in global revenue to 1.469 billion euros.

While there is a 3 percent drop in revenue from Europe, it reported a 6 percent rise in Asia and a 4 percent increase in America.

Club Med is no longer listed on the stock exchange.