NEWS ROUND-UP Flemingo files for IPO with SEBI
Flemingo Travel Retail Limited has filed a draft proposal to float the business via an Initial Public Offering with India’s securities markets regulator, TRBusiness can confirm. Sources at Flemingo International report
that Mumbai-based Flemingo Travel Retail Private Limited [originally established as DFS India Private Limited] submitted the filing to the Securities and Exchange Board of India (SEBI). A Draft Red Herring Prospectus seen
by TRBusiness confirms an aggregate share offer of INR2,423 crore ($375m) and a further offer of 1,129,500 equity shares for sale by subsidiary Flemingo Duty Free Shop Mumbai Private Limited.
The offer also includes a reservation
of up to 150,000 equity shares for eligible employees. Shares are to be listed on the Bombay
Stock Exchange and National Stock Exchange of India, the prospectus discloses. The document also reveals that in
connection with the offer, the Dubai-based Group “is in the process of undertaking an internal restructuring”. It says that subject to the completion of
the offer, all entities within the Group will be held, directly or indirectly by Flemingo Travel Retail. This includes operations in India under
Flemingo Dutyfree Shop Private Limited (Flemingo India); in the Sri Lanka and Maldives; and UK, which includes its cruise line travel business under Flemingo International (UK) Limited (Flemingo UK). The restructure will also cover operations
in Europe, the Middle East and Africa. As of 30 September, Flemingo operates
119 locations in 26 countries in the Indian subcontinent, US and Caribbean; Australia (cruise); Europe and the Mediterranean, the Middle East and Africa, the document went on to describe.
Ever Rich soft-opens Penghu DF complex
Ever Rich D.F.S. Corporation has soft- opened its new resort duty free shopping complex in Penghu, an archipelago of clustered islands located in the Taiwan strait between Taiwan and China, on 14 February – a day before Chinese New Year’s eve. As reported, the duty free and travel
retail facilities in the Discovery Hotel and Profond Pier 3 Duty Free Complex span 27,000sq m. The soft-opening marked the end
of a three year, three-month wait for the contract to be signed and space-planning and recruitment to be finalised. Facing the South Sea Visitor Centre and
third port of Penghu, the project includes a number of firsts in Penghu. Offering more than 100 domestic and
international brands, the duty free range includes fashion, perfume and cosmetics, liquor and tobacco and accessories and jewellery. Personal karaoke boxes and NT100 ($3) lucky-bag vending-machines have also been introduced.
Seattle airport awards lease Group 4 tenders
The Port of Seattle has announced the winners of its latest tranche of retail and F&B tenders at Seattle-Tacoma International Airport An expanded retail lineup will include
Maui Jim, Tumi, Something Silver, Sub Pop, Planewear, Hudson/Alki/Hudson News, Filson, ExOfficio and Elliott Bay Book Co. A number of new food and beverage
options including Seattle Beer Union, Starbucks and Sunset Fried Chicken are also set to feature, as the port authority grows its retail and F&B footprint from 85 to 135 establishments and invests in its North Satellite Modernisation project and new International Arrivals Facility. In awarding the leases, the port says it
has set ambitious goals to increase revenue and create employment opportunities through retail and dining. Aside widening options for fully built-
out stores and restaurants, the port plans to expand its kiosk programme, allowing smaller businesses to operate at a lower cost on shorter lease agreements. The expansion plan is also targeted
at increasing gross sales of small, local, disadvantaged companies certified under the Airport Concessions Disadvantaged Business Enterprises umbrella. This is a federally-recognised programme that assists small businesses run by economically underprivileged individuals with the opportunity to compete for tenancies.
HUGOBOSS.COM
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