Alibaba Agrees JV with World's Biggest Airport Retailer
Alibaba is to form a joint venture with Dufry, the world's leading duty-free company, in a bid to target the travel retail business in China.
According to reports, Alibaba is to assume about 10% of Swiss-based Dufry.
The Swiss company are thought to be keen on the move as Alibaba opens Dufry up to the huge Chinese market.
Dufry has holdings in airports in Shanghai, Chengdu, Hong Kong and Macau.
At present, by regional division, Asia Pacific & Middle East has the lowest share of Dufry sales.
In the half-year to June, the division accounted for 14.9% of the company’s US$1.73 billion turnover.
Julian Diaz, Dufry Group CEO, said: “We expect this collaboration to drive growth in Asia and with Chinese customers worldwide with the support of new digital technologies.”
The news comes shortly after Dufry announced that private equity firm Advent International would take 20% in the company.