Senior management appointments at Russian tour operator FUN&SUN have drawn attention to the company’s future management structure and operational direction. The appointment of Olga Gnezdilova, formerly finance director at Gazprom-Media Holding, as CEO, replacing Vladimir Rubtsov, and the appointment of Rinat Asmatullov as commercial director have prompted questions about the company’s next phase.
Asmatullov previously held a senior management position at Biblio-Globus, while Gnezdilova brings experience in financial management at a major corporate holding. The appointments have attracted attention amid speculation that Wildberries, which acquired FUN&SUN, could also move to bring Biblio-Globus under its ownership.
However, no official announcement has confirmed such a transaction or established that the recent appointments are part of a broader restructuring plan.
Corporate management and commercial operations
Gnezdilova’s background in finance has drawn attention to the financial and corporate management dimension of the changes at FUN&SUN. Her experience at Gazprom-Media Holding comes as the company enters a new management period.
Asmatullov’s professional background includes his appointment as general director of Biblio-Globus in December 2021. He took up the position after Sheremetyevo Airport acquired a 75% stake in the tour operator. Before joining Biblio-Globus, Asmatullov worked as head of sales at Aeroflot.
His previous role placed him at the intersection of the tour operator’s management and its new shareholders. His appointment as commercial director at FUN&SUN has therefore attracted attention in the context of the company’s management changes. However, no official statement has confirmed that his new position is intended to cover responsibilities beyond commercial operations.
Tour operators manage a range of activities, including travel product development, destination management, hotel agreements and travel agency sales. The appointments at FUN&SUN have brought renewed attention to the company’s management structure, but the company has not announced a comprehensive restructuring of its operations.
Wildberries, FUN&SUN and Biblio-Globus
Industry discussions have included the possibility that Wildberries could acquire Biblio-Globus following its acquisition of FUN&SUN. Such a transaction has not been officially confirmed.
The two tour operators served nearly 6 million customers combined in 2025, according to the figures provided.
FUN&SUN served 2.7 million customers, while Biblio-Globus carried more than 3 million passengers. The figures highlight the scale of their respective operations in the Russian organised tourism market.
The available figures also show differences in their destination portfolios.
The reported revenue and profit figures for Biblio-Globus refer to 2025. No corresponding annual revenue figure for FUN&SUN was provided.
Leading destinations of FUN&SUN and Biblio Globus
FUN&SUN’s leading destinations were Türkiye, Egypt, the United Arab Emirates and Thailand.
The figures show that Türkiye was FUN&SUN’s largest destination in 2025, with 1 million customers. For Biblio-Globus, domestic Russian destinations accounted for 750,000 passengers, followed by Egypt, Türkiye, Thailand and the UAE.
Türkiye and Antalya remain central to FUN&SUN’s operations
Türkiye, particularly Antalya, is a key market for FUN&SUN. The destination is identified as the company’s largest, making the continuity of its Turkish operations an important issue for hotel partners and other business partners.
Following the management appointments and speculation about a possible broader corporate restructuring, questions arose over whether the changes could affect FUN&SUN’s hotel management activities and incoming services in Türkiye.
FUN&SUN has now issued a written statement addressing these concerns. The company said there had been no changes affecting its existing operations or contractual obligations and confirmed that its Turkish subsidiary’s activities and financial position were not facing any adverse circumstances of the kind described in public reports.
The company also stated that it did not envisage any changes to the provision of incoming services for FUN&SUN customers in Türkiye.
FUN&SUN confirms continuity of hotel and incoming operations
In its written communication to business partners, FUN&SUN said the statement was issued in response to what it described as inaccurate claims circulating publicly about the company and its Turkish subsidiary.
The company emphasised that it had continued its commercial activities consistently since its establishment, despite changes in the tourism sector and external factors, and had fulfilled its obligations to business partners and customers.
FUN&SUN specifically stated that there were no circumstances adversely affecting the activities or financial position of its wholly owned subsidiary, Fun and Sun Hotels Otel İşletmeciliği Turizm İnşaat Tic. A.Ş.
According to the statement, no changes had occurred that would affect the continuity of existing operations or the fulfilment of contractual obligations.
The company also confirmed that incoming and destination services for FUN&SUN customers, both currently provided and planned for subsequent periods, would continue to be delivered by Fun & Sun A.Ş.
The statement did not announce changes to the ownership structure or provide details of any broader corporate restructuring.
Company urges business partners to rely on official information
FUN&SUN said it remained committed to fulfilling its contractual obligations, maintaining trust-based relationships with business partners and developing sustainable, long-term commercial cooperation.
The company also said it was taking seriously the circulation of information it considers inaccurate about FUN&SUN and its subsidiary, particularly where such information could negatively affect commercial relationships.
It called on market participants not to circulate unverified information and to rely on the company’s official statements.
The announcement provides clarification on the continuity of FUN&SUN’s hotel management and incoming operations in Türkiye. Questions concerning the company’s broader management structure and the possibility of further corporate transactions involving Biblio-Globus remain separate from the operational assurances provided in the statement.
Key points for tourism ındustry partners
• Management: Olga Gnezdilova has been appointed CEO, replacing Vladimir Rubtsov, while Rinat Asmatullov has been appointed commercial director.
• Türkiye operations: FUN&SUN says its existing hotel management activities and incoming services in Türkiye will continue unchanged.
• Turkish subsidiary: The company says there are no circumstances adversely affecting the activities or financial position of its wholly owned subsidiary.
• Contractual obligations: FUN&SUN confirms that no changes have affected its ability to maintain existing operations and fulfil its contractual commitments.
• Biblio-Globus: Speculation about a potential acquisition by Wildberries has not been confirmed in an official announcement.
• Market figures: FUN&SUN served 2.7 million customers in 2025, while Biblio-Globus carried more than 3 million passengers.
