TOP 10 OPERATORS 1: DUFRY GROUP


CHF350m - CHF400m.” Díaz was keen to emphasise


that due to the seasonality of the business, the second half of the year is typically the most important in terms of cash generation.


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Strengthening in Russia Operationally, Dufry continued to grow its retail space by 15,400sqm across 135 shops. This included expansion of space in existing locations as well as new shop openings in Morocco, Italy, China, Russia, US and on several new cruise vessels. It has signed contracts for a further 15,300sq m in 2019/2020, including new shops in Russia, Kuwait, Boston, Nassau and the Dominican Republic Aside from the new shop openings,


in the first half of this year Dufry announced two game-changing developments in Russia and Brazil. As reported by TRBusiness, Dufry increased its stake in RegStaer Vnukovo from 51% (in 2012) to 60%. As Deputy Editor Luke Barras-Hill summarised on TRBusiness.com, upon completion of the acquisition, Dufry will consolidate a formidable presence in the Russian airport duty free and duty paid market at locations including Sheremetyevo, Domodedovo, St Petersburg, Sochi


Dufry’s refurbished Toulouse Airport duty free offer opened earlier this year.


and Krasnodar. Additionally, it is likely to provide


a valuable springboard to swoop for duty free arrivals shops in Russia as the market opens up. “Our successful acquisition in


Russia allows us to strengthen our market position especially in Moscow,” according to Díaz. “We have operated in Russia for


many years now and this acquisition helps us to further consolidate [our footprint] in this market by extracting our marketing position in the


Established 1998


Dufry takes 60% stake in RegStaer Vnukovo to strengthen in Moscow Official Partner


Dufry Group is expected to consolidate its leading position in Russian airport retail with the acquisition of a 60% stake in RegStaer Vnukovo. The purchase of RegStaer Vnukovo,


which operates duty free and duty paid outlets at Russia’s third largest airport by passenger volume, adds weight to Dufry’s existing airport contracts at Sheremetyevo, Domodedovo, St Petersburg, Sochi and Krasnodar. Dufry acquired 51% of the RegStaer


Group in 2012 in a deal including an exclusive commercial and purchasing agreement for its operation at Vnukovo Airport. RegStaer operations at Vnukovo are


concession until 2035 that features more than 30 duty free and duty paid shops covering a retail area of more than 6,800sq m. Core duty free categories plus a


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selection of fashion and accessory products are available to passengers. In a statement, Dufry said the purchase


will also enable it ‘to extract operational efficiencies’ by merging its management offices in the Moscow area.


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now expected to be fully consolidated by Dufry once the transaction is completed, which is expected in Q3 following customary approvals. Dufry will takeover a long-term


OCTOBER 2019


Julián Diaz, CEO, Dufry said: “The acquisition of the majority stake of the duty free and duty paid operation at Vnukovo airport is an important step as it allows us to considerably strengthen our position in the Moscow region with an attractive long-term concession. “Dufry is now present in seven of


Russia’s ten largest airports with the opportunity to serve both domestic and international passengers. We are looking forward to offering Vnukovo passengers an attractive shopping experience with the new 1,300sq m walkthrough shop just opened. “This also reconfirms our growth


strategy which focuses on organic growth as well as on small- and mid- size bolt-on acquisitions, which allow Dufry to extend its global footprint and to leverage our organisational platforms, thus generating additional efficiencies.”


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Julián Díaz, CEO, Dufry


“This acquisition [in Russia] is also a very good example for the type of small and mid-size acquisitions we are currently looking at… and which allow us to quickly integrate new businesses into our platforms and to generate local operational efficiencies.”


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