TOP 10 OPERATORS 2019: RANKING AND ANALYSIS
an increase in net debt for many publicly-listed companies. Despite the ‘complexities’,
Dufry still had two very positive developments to report this year in Russia and Brazil. Known for its bullish approach to expansion through M&As, Dufry 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. Secondly, and perhaps more
importantly, Dufry opened its first store on the Brazilian border, in the city of Uruguaiana this August. TRBusiness has been discussing the possibility of Dufry shops on the Brazilian border with the company’s CEO, Julián Díaz, for many years now, so it was with genuine excitement that he was able to deliver the news. Just weeks later, Duty Free Americas (No 9 in our table) also had news to share, revealing that it too would be opening a store in Uruguaiana, opposite Dufry’s, with a similar profile of goods, according to company President, Leon Falic (p67). While Dufry intimates that this
Above, top to bottom: Julián Díaz; CEO, Dufry; Kap Lee, CEO, Lotte Duty Free; Taeho Kim, Executive Vice President, Hotel Shilla Co Ltd, Travel Retail Business; Charles Chen, President, CDFG; Dag Rasmussen, Chairman and CEO, Lagardère Travel Retail.
won’t be the last store it will open on the border, we imagine it is just as interested in opportunities at sea. Dufry’s Central America business was boosted by strong double-digit growth from its cruise contracts and the start of operations on new ships this year [read more on the company’s cruise business on p14]. This brings TRBusiness to another
observation on this year’s Top 10 list of the most successful companies
Top 10 2019 vs Top 10 1998* 1998 ($bn)
TOP 10 TOTAL WORLD TOTAL
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TOP 10 OPERATORS’ SHARE OF WORLD SALES
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7.50 21.0
36.0%
44.37 78.96 56.2%
Contact:
Janice@trbusiness.com *Full-year 2018 vs full-year 1997, comparing the latest figures with the first Top 10.
It is more apparent in this year’s report, that some of these companies are placing a growing emphasis on opportunities in the cruise business. TRBusiness
currently trading in the duty free & travel retail industry. Although signals of intent have
been made in the last few years, it is more apparent in this year’s report that some of these companies are placing a growing emphasis on the cruise business. It what appears to be a notable shift or pivot in business strategy, Dufry, Heinemann and China Duty Free Group have all made
noises to this affect. China Duty Free Group, for
example, made its intentions very clear following its win of the duty free contract on Costa Cruises’ Costa Atlantica vessel following a ‘fiercely competitive tender’. “With the explosive growth of
cruise tourism, China has become the fastest growing emerging market in the global cruise tourism industry,” said the group. “In recent years, the tax free cruise industry has become a key strategic project for China Duty Free Group.” Sixth-placed Gebr. Heinemann has
also been busy at sea in the last year, penning a fleet-wide deal covering Tui Cruises’ Mein Schiff vessels until 2026 having also won the concession to run retail on Mein Schiff 4. The ferries & cruise business currently represents 3% of Heinemann’s total group revenue. It must be said that while the
previously mentioned agreements are recent, Heinemann has been supplying cruiselines for many years. While the ferries & cruise ship
Many were shocked to learn of DFS Group's planned withdrawal from Singapore Changi Airport.
business clearly holds fantastic growth potential for the Hamburg- based retailer, the core of its operations – and focus – lie in the airport duty free sector, where it also has big ambitions. One of these includes the new duty free liquor & tobacco contract
2019 ($bn) SUBSCRIBER ONLY CONTENT
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