Southern Europe & Africa

Strong growth in the World’s most important tourist destination

Dufry is the market leader in the Mediterranean, which is the world’s most important touristic region. Moreover, Dufry is the main duty-free operator in important popular destinations such as Spain and Greece. We are also present in the South of France and in Italy as well as in Northern Africa and in Antalya, Turkey. With this portfolio, Dufry captures major travel flows in this key geographical area. Division 1, headquartered in Madrid, also includes all African operations of Dufry in Cape Verde, Egypt, Algeria, Ghana, Ivory Coast, Kenya, Morocco and Nigeria as well as our business in Malta and our partnership in Portugal. In total, the division comprises over 120 locations in 14 countries in Southern Europe and Africa.

2017 marked a strong return of the Turkish and Greek operations both featuring a robust growth driven by the return of Russian travelers, which had been missing in the previous year. Moreover, Africa had a fantastic year driven by new concessions and expansions in Morocco, Egypt and Kenia.

Besides expanding in Africa, the region saw important concession wins and contract extensions. Among the new contracts, the highlight was the agreement signed with Fraport for operating duty-free and duty-paid shops at 14 Greek regional airports, followed by the new concession won at the Toulouse airport in France and the successful extension of the Malta concession.

From an operational perspective it is worth mentioning the opening of one of the first New Generation Stores at Madrid Terminal 4 airport.

UK, Central & Eastern Europe

Ongoing positive performance along with important contract extensions

Headquartered in London, Division 2 comprises all our operations in the North of Europe, including the United Kingdom, Switzerland, Scandinavia and Russia. The division features operations in over 60 locations in 11 countries and a broad variety of customer nationalities from mature and emerging markets with both tourist and business travelers.

In 2017, the division reported an ongoing strong sales performance in the United Kingdom fueled by an unchanged growing tourist inflow to the United Kingdom and despite the annualization of the devaluation of the British Pound after the Brexit vote. We also saw a positive performance in most Central and Northern European operations. In the year under review, Dufry secured its stronghold in the UK for a number of years with several contract extensions such as Jersey (Channel Islands), Aberdeen, Southampton, Glasgow and Liverpool. Equally important is the extension of the Swedavia contract in Sweden, which includes 8 airports across Sweden.

The division also presented a very dynamic refurbishment performance. At Zurich airport, all main shops at departures and arrivals have been refurbished under our New Generation Store concept. In the United Kingdom, important operations have also been revamped: Gatwick and Manchester airports saw its main shops being completely renovated.

Asia, Middle East & Australia

Important contract renewals and renovations in a strategic fast growing region

Asia and the Middle East is a strategic growth area for Dufry, as the region is still very fragmented from a travel retail perspective and features the highest current and prospective passenger growth globally. With its presence in 19 locations in 11 countries Dufry is already today the most international travel retailer in the region and features the highest number of operations.

Headquartered in Hong Kong, Division 3 includes locations such as the United Arab Emirates, Jordan and Kuwait in the Middle East; Australia, Hong Kong, Macao, Singapore, Indonesia, Cambodia, India and Sri Lanka, as well as China and South Korea in AsiaPacific. Building on this well diversified portfolio, it is our goal to further expand our presence in Asia.

In 2017, we saw a positive performance in most of our locations – among these also our Korean operation in Busan – and in particular a gradual pickup of our operations in Hong Kong and Macao. Dufry also extended its footprint both with new duty-free and duty-paid operations. Our duty-paid travel convenience concept Hudson has been introduced to the Chinese market at the beginning of the year under review with 15 Hudson Travel Essentials Convenience Bookstores opened at the Chengdu airport and 4 shops at the Fuzhou airport. Moreover, Dufry won a duty-free concession in Malaysia to operate a store at the Genting Highlands, an Integrated Resort owned by the Genting Group and located in the Titiwangsa Mountains, northeast of Kuala Lumpur.

Further, we have also extended the prestigious ATRIUM contract at the Macau Venetian Hotel for another seven years. Most importantly for the division was the opening of the fully refurbished Melbourne operation, where we have installed the world-wide second New Generation Store, which offer travelers an unseen shopping experience.

Latin America

Adding another market to the leading position in Latin America

Division 4, Latin America, comprises all Dufry operations in Central and South America as well as the Caribbean. Geographically the region includes some of the most dynamic travel retail markets, and has traditionally been a region where Dufry has had a very strong market position. The region continues to offer expansion opportunities, not only in airport retail but also in other alternative channels such as border shops, cruise ships and downtown operations. Headquartered in Miami, USA, the division runs operations in Argentina, Brazil, Bolivia, Colombia, many locations in the Caribbean, Chile, the Dominican Republic, Ecuador, Honduras, Jamaica, Mexico, Nicaragua, Peru, Puerto Rico and Uruguay.

In 2017 Dufry succeeded to add Colombia to its Latin American footprint with the new concession won at the Bogotá El Dorado International airport, where we started to operate close to 3,200 m2 of retail space within ten stores. Our activities where also considerably expanded within the cruise ship channel. In the summer months Dufry had restructured its Dufry Cruise Services to become a global competence center to further develop this interesting tourist channel. A first contract was signed with Grupo Pullmantur to operate duty-free shops on four cruise ship of the Spanish operator sailing the Mediterranean, Northern Europe, the Canary Islands and other cruise destinations. A second cruise concession was signed with the Norwegian Cruise Lines for their new vessel JOY, which is the operator’s first cruise ship built exclusively for the Chinese cruise market and sailing mainly the Asian seas.

The division also managed to renew two interesting contracts in Brasilia and Natal, thus further securing business for the years to come. With the opening of the newly refurbished shops at the Cancun operation, also the Latin America division is now featuring its own New Generation Store.

North America

Further expanding its footprint across several retail channels – IPO of the North American operation executed in early 2018

The North American travel retail market is also one of the traditional core markets of Dufry. Traditionally characterized by a strong orientation to duty-paid convenience shops, the division has successfully further expanded into several other travel retail channels during 2017 and has been taken public as Hudson Ltd. in February 2018.

North America is the home-market of our highly successful duty-paid convenience shop concepts, with Hudson being the main brand. While we currently operate over 500 convenience shops in North America, the ongoing modernization of the airport landscape in the United States offers a considerable potential to expand also with duty-free operations as well with brand boutiques and specialized shops. Hudson already successfully operates all of these formats in the region, across over 88 locations in both the US and Canada.

In 2017, the division has succeeded to win one of its first master concessions at the Chicago Midway airport, which through a JV includes the responsibility to manage the commercial space of the airport, including F&B and other typical airport services.

In 2017, the North American division won new concessions at the Raleigh-Durham International airport for 7 travel essential, specialty retail and duty-free shops. covering over 600 m2 of retail space and including high-end luxury, travel essentials, electronics, apparel as well as wine and spirits stores were added at the Hard Rock Casino & Hotel in Las Vegas. In 2017, Hudson Group also extended its duty-free and dutypaid contract at the Las Vegas McCarran International airport.

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