TOP 10 OPERATORS 2019: RANKING AND ANALYSIS
Asian players drive Top 10 sales by 20% to $44bn in 2018
Combined sales for the world’s Top 10 international operators reached US$44.37bn in 2018, up a remarkable 20% year-on-year. This was once again driven by companies based in Asia who continue to dominate the table, writes Charlotte Turner in the 21st edition of this report.
F
or the third consecutive year, TRBusiness must pay special mention to the Asian
organisations in the ranking of the world’s Top 10 International duty free & travel retail operators, who represent 50% of those named in this year’s table. However, it was Basel-based retail
giant Dufry who once again breezed past the competition to retain the top spot in 2018 with $2.2bn separating it from Lotte Duty Free in second place. As is clear from the Change (%) column, Dufy’s growth has certainly moderated in the last two years, following consecutive years of industry-changing acquisitions – namely Nuance and WDF – due in part to the challenging trading conditions in South America where volatility in the marketplace has led to a drop in sales across the region. This year the company faced
additional complexities as it began to report its financial obligations under the new IFRS 16* framework, which it says mainly concerns the way leases are declared. As explained on p14 of this report, [within the comprehensive analysis of Dufry’s 18-month performance], the International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016, effective for financial periods beginning on or after 1 January 2019. According to Deloitte, the introduction of IFRS 16 resulted in
Known for its bullish approach to expansion through M&As, Dufry (No 1 in our table) did not surprise many in the industry when it announced intentions to increase its stake in RegStaer Vnukovo from 51% (in 2012) to 60%, earlier this year. TRBusiness
OCTOBER 2019
WORLD’S TOP 10 INTERNATIONAL OPERATORS, 2018 Rank
Looking for the un-blocked issue? Retailer
1 2 3 4 5 6 7 8 9
10
Dufry Group Lotte Duty Free Shilla Duty Free China Duty Free Group Lagardère Travel Retail Gebr. Heinemann DFS Group King Power International Duty Free Americas Aer Rianta International
TOP 10 TOTAL WORLD TOTAL
Sales* ($bn) SUBSCRIBER ONLY CONTENT
8.90 6.70 5.30 5.20 4.80 4.20 3.62 2.70 1.65 1.30
Established 1998 Official Partner
TOP 10 OPERATORS’ SHARE OF WORLD SALES
56.2% (+2.7% yoy) Subscribe to TRBusiness magazine to receive a
Notes: *Converted into dollars using exchange rates averaged for 2018 calendar year. Sales totals are informed by one-to-one interviews with senior management at all of the above companies, plus officially- released data. Only operators with retail business active in more than one country qualify for a ranking in this report. The 2018 global sales total of $78.96.6bn and growth percentage of +12.9% was shared with TRBusiness directly by Generation Research. The GR figures quoted cover all DF&TR sales channels, regions and product categories.
digital copy of the TRBusiness Top 10 International Operators 2019.
For more information contact:
Janice@trbusiness.com TOP 10 OPERATORS 5
44.37 78.96
+4.7 +28.9 +32.5
+126.0 +9.0 +16.6 +2.8 +9.3
+7.8% +8.3 +20.8 +12.9
Change (%)
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