Dufry wins seven-year contract extension at Macau Venetian
Global duty free retail market leader Dufry has successfully extended its contract at the Macau Venetian Hotel, where it operates a downtown store with 2000 square meters floor space. The Swiss travel retail specialist will now operate the space until “the end of 2024” (assuming the contract is not renewed again), giving it lucrative exposure to Macau’s ongoing luxury recovery.
Over the last year, Dufry’s share price has risen by 15%
SOURCE: Yahoo Finance
As part of the concession renewal, Dufry has pledged to refurbish the shop, providing an improved layout and a wider selection of brands for sale. Front and center in the new layout will be Dufry’s beauty area, featuring a host of big names like Jo Malone, Tom Ford, and Giorgio Armani. The company has also vowed to create a greater sense of “place” providing in-store local food options and reflecting the Venetian style.
Andrea Belardini, Dufry Asia, Middle East, & Australia CEO, made the following statement:
“We are delighted that we have been able to renew our contract for the Atrium. The extensive redevelopment of this store fits perfectly Dufry’s ongoing commitment to the generation of growth in Asia, following on from the successful opening in 2016 of our 2,600 m2 Temptation store in Macau’s Parisian Resort.”
“Recently, the marketing cooperation with Sands China Group has been elevated to reach even more visitors in Macau. Working together in both traditional and digital marketing is a key success factor in driving more potential customers to the store.”
“We would like to take this opportunity to extend our sincere thanks to our partners in the Sands China Group, with whom we enjoy a strong and collaborative relationship. We look forward to working with them over the coming months to take the shopping experience at The Venetian to the next level.”
Dominion holds Dufry in its Global Trends Luxury Fund.
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