Luxury trains: Arsenale expands its rail cruise business in Asia

Arsenale, a subsidiary of the Barletta Group operating in the luxury rail tourism sector, is expanding in Asia. The Italian company has acquired a strategic stake (33 per cent) in SJourney, a young Vietnamese rail cruise brand inspired by the legendary Trans Indochine Express. Paolo Barletta, Arsenale’s chief executive, announced this to *Il Sole 24 Ore*. SJourney offers a journey of up to 8 days and 7 nights between Hanoi and Ho Chi Minh City (and vice versa), an iconic north-to-south route covering 1,726 kilometres that passes through some of Vietnam’s most picturesque landscapes and culturally significant sites. The company’s name derives from Vietnam’s S-shape. This investment in Asia follows Arsenale’s acquisition, a year ago, of the British company Golden Eagle Luxury Trains and forms part of the group’s project to build an integrated international platform dedicated to luxury rail tourism.

Barletta says: “In 2020, Arsenale did not exist; today we are one of the top three operators in the world for luxury rail cruises. For us, the venture in Asia is strategic, as it enables Arsenale to cover another highly significant route within a market that is very important from a tourism perspective. Vietnam is one of the fastest-growing markets in tourism, with over 21 million visitors in 2025 and an estimated 25 million by the end of 2026, representing 16 per cent growth. A market that surpasses that of Egypt. This is the context in which Arsenale is entering the market. SJourney is a young company, founded in 2024, but which has already broken even.”

As a strategic minority shareholder, Arsenale will support SJourney’s next phase of development through its international commercial network, helping to raise its global profile. Barletta continues: “Acquiring a stake in SJourney is just the first step; Arsenale’s aim is to increase its stake further, eventually achieving a 50 per cent share to form an equal partnership. We believe that SJourney’s growth lies in geographical expansion, bringing luxury rail cruises to neighbouring markets, namely countries close to Vietnam. Over the next five years, we plan to invest, together with SJourney, around 20 million euros, aimed at developing expansion activities and strengthening the Vietnamese and neighbouring markets.”

The agreement also provides for the possibility of licensing the Golden Eagle brand, with the ‘SJourney by Golden Eagle’ positioning to be assessed as part of the future strategic and operational alignment. SJourney – Barletta emphasises – will, however, remain an independent project with its own distinctive identity and will continue to represent the local expression of the experience, deeply rooted in Vietnamese culture and regions.

In Italia, within the luxury rail sector, Arsenale has launched the La Dolce Vita Orient Express, the first sustainable rail tourism project offering a luxury experience in collaboration with Orient Express, Trenitalia, Treni Turistici Italiani and Fondazione FS (all part of the FS Group). From 2023 onwards, Arsenale has embarked on a process of international expansion, with four projects already agreed. In Saudi Arabia, the company is developing ‘Dream of The Desert’ in collaboration with Saudi Arabia Railways, the first luxury train to travel across the Kingdom. In the United Arab Emirates, together with Etihad Railway, a luxury train is being developed that will traverse the Middle Eastern peninsula. In Uzbekistan, in partnership with the Uzbek railways and the State Committee for Tourism, ‘The Samarkand Express’ – the first luxury train in Central Asia – is being designed. In Egypt, Arsenale is developing ‘Guardian of the Nile’ in collaboration with Egypt National Railway, the country’s first luxury train. And to support its expansion plans, in recent weeks Arsenale has successfully completed the placement of a €300 million bond issue on the Vienna Stock Exchange.