Ten Lifestyle Management Limited

The principal activity of Ten Lifestyle Management Limited (the “Company”) in the year under review was the provision of trusted concierge services to the world’s wealthy, from the mass affluent through to High-Net-Worth Individuals, using its market-leading technology-enabled lifestyle and travel platform. The Company’s corporate clients include private banks, retail banks, premium payment card providers and luxury brands who provide the Company’s services to segments of their premium individual customers, who then become the Company’s members. The majority of the Company’s revenue derives from service fees that are paid by its corporate clients, under contracts typically of a multi-year duration of three years or more. The Company does not typically take a margin on the goods and services it delivers to its members; this provides a competitive pricing advantage over traditional service providers, such as ticket sellers and travel agents, who do typically take or add a margin. The Directors believe that member satisfaction and the resulting impact of improving those members’ brand affinity for the Company’s corporate clients, drives the Company’s long-term success. The Company’s services are generally made available to members through the Company’s corporate clients who pay for these services on their individual customers’ behalf. The majority of the Company’s clients are corporate institutions who offer concierge services as part of their ancillary benefits package which are complementary to their products. The Company typically charges its corporate clients on a ‘per request’ basis – either high touch (which involve a lifestyle manager) or low touch (which are completely or largely fulfilled through the Company’s proprietary online platform). A request is generally an instruction received from a member to research, advise or arrange something on their behalf. Requests are principally related to travel, dining and live entertainment but can extend to more general lifestyle support services. This revenue stream also includes negotiating special offers or benefits with suppliers and creating bespoke editorial content. The Company also earns revenue from its supplier base, such as hotels, airlines and event promoters who sometimes pay commission to the Company.