Dufry AG : Dufry acquires a leading travel retail company in Russia
January 13, 2012 at 03:20 am
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Dufry further expands its presence in Russia by acquiring
51% of a local travel retail operator at Sheremetyevo
Airport in Moscow. The acquired business generates a
turnover of more than USD 50 million.
On January 10, 2012, Dufry concluded the transaction to
acquire 51% of a joint venture with Regstaer Group, which
holds Regstaer's duty free operations at Moscow's
Sheremetyevo International Airport in Russia and
generates annual sales in excess of USD 50 million. The
transaction further includes an exclusive commercial and
purchasing agreement for Regstaer Group's operation
at Vnukovo Airport in Moscow.
Dufry has already significant operations at Sheremetyevo
Airport as well as at Domodedovo Airport in Moscow. The
acquisition of one of Dufry's main peers in Russia
operating at Sheremetyevo Airport as well as the
possibility to develop together with Regstaer Group at
Vnukovo Airport, the third airport in Moscow, will allow
generating important synergies. Furthermore, Dufry can
achieve a pre-eminent position in Russia thanks to the
transaction, which will be the basis for further
development of the business in the region.
On the operational side, the acquired business
complements Dufry's existing operations at
Sheremetyevo International Airport and Regstaer will add
nine duty free shops with a total retail space of
1'200 square meters in different terminals of the
airport. The shops offer a general duty free assortment,
including perfumes & cosmetics, accessories and wine &
spirits. The acquired business, which employs a workforce
of 200 persons, will be integrated into Dufry's
existing local organization and the new operations will
be managed jointly with Dufry's other business in
Russia.
Sheremetyevo International Airport is Russia's second
busiest airport with 14 million international passengers
per year. It is also one of the fastest growing airports
in Europe and recorded a passenger growth of close to 20%
in the last twelve months.
Julian Diaz, CEO of Dufry, commented: "This is an
important transaction for Dufry as it substantially
strengthens our position in the Russian airport travel
retail market and sets the basis for developing other
travel retail markets in the Region. We have been an
important player in the country since more than ten years
and with this transaction, we have established ourselves
as the leading operator with a strong presence in the two
largest airports in the country, namely Sheremetyevo and
Domodedovo. Thanks to our partners, we will also be able
to support them in their business at Vnukovo airport and
we are very happy to team up with such a strong local
competitor.
By combining the new businesses with our existing ones in
the country, we will be further able to extract a
substantial amount of synergies in the Region.
"
Avolta AG, formerly Dufry AG is a Switzerland-based company engaged in the travel retail sector. The Company operates shops located at airports, cruise liners, seaports, railway stations and hotels. The Companyâs shops are categorized under five retail concepts: General Travel Retail Shops, which offer the full range of categories, such as perfumes & cosmetics, food & confectionery, wines & spirits, clothing & accessories, tobacco goods, souvenirs & electronics; Dufry Shopping, which provide travel retail duty-free shops; Brand Boutiques, which offer various boutiques of exclusive brands; Convenience Stores provide a wide assortment such as soft drinks, packaged food, travel accessories, electronics, personal items, souvenirs, newspapers, magazines and books and Specialized Stores offer products from a variety of different brands, belonging to one specific product category such as watches & jewelry, sunglasses, spirits and destination products.