Dufry embraces cruise retail with center of excellence
Duty Free retail giant Dufry has announced plans to establish a Center of Excellence for the cruise and ferry retail market in Miami. Currently, the division only makes up about 2% of Dufry’s revenue, but the company says it is a “strategic growth area” to which it will be paying more attention in the future. Across all its cruise line routes, Dufry operates about 9,000 square meters of retail space – 2000 of which are on the Norwegian Joy ship, built specifically for Chinese tourists. The rest is split between the three cruise lines within which it operates: Norwegian, Pullmantur and Carnival.
Dufry’s share price is up by 23% so far this year
SOURCE: Yahoo Finance
Dufry’s CEO of Division 4, Rene Riedi, said in a statement:
“The new operational offices will complement the current operations and logistics-purchasing platform, in order to have our resources close to the main cruise ship itineraries. It allows a global footprint with specialized local knowledge and regional expertise. These offices and platforms will receive support from the Center of Excellence and other relevant teams across the Dufry business, while maintaining a close relationship with, and management of, the market, the customer and the operation itself.
“We firmly believe that this is a remarkable step forward for this key strategic area of growth for the company and look forward to a continued success, hand-in-hand with our partners and, to expand our business even further as opportunities arise in this fast growing market.”
According to the Cruise Line International Association, 24.7 million people took cruises in 2016, and the number is expected to rise to 25.8 million this year. This growth is being driven by expansions in the Asian market, which rose by 9.2% last year.
Dominion holds Dufry in its Global Trends Luxury Fund.
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