×
2 741
Fashion Jobs
JOHN LEWIS
General Operative – Warehouse
Permanent · DARWEN
HARRODS
Brand Manager
Permanent · LONDON
STRADIVARIUS
New Opening - Stradivarius Liverpool - General Manager
Permanent · LIVERPOOL
BOOHOO GROUP
Warehouse Operative - 3 on 3 Off - 06:00 - 18:00
Permanent · CRICK
SELFRIDGES
Events Coordinator Ftc
Permanent · BIRMINGHAM
DOROTHY PERKINS
Ecommerce Executive
Permanent · LONDON
VF INTERNATIONAL
Lead Warehouse Project Manager
Permanent · COALVILLE
JOHN LEWIS
Team Manager – Operations
Permanent · LEEDS
BEGG X CO
Sales Supervisor And Associate
Permanent · LONDON
BOOHOO GROUP
Warehouse Team Manager - pm Shift
Permanent · WELLINGBOROUGH
JOHN LEWIS
Section Manager Warehouse
Permanent · WEYBRIDGE
HARRODS
Supply Planning Assistant Manager
Permanent · THATCHAM
BOOHOO GROUP
Senior Operations Manager
Permanent · BURNLEY
MULBERRY
Commercial Finance Analyst
Permanent · LONDON
SELFRIDGES
Assistant Events Manager (Exchange Square)
Permanent · MANCHESTER
VF INTERNATIONAL
Lead Warehouse Project Manager
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Operations Manager
Permanent · COALVILLE
ESTEE LAUDER
le Labo - Fragrance Specialist - le Labo, Edinburgh - 40 Hrs/Week - Full Time, Permanent
Permanent · Édimbourg
HEAD OFFICE
Buyer, Apple
Permanent · LONDON
HEAD OFFICE
Buyer – Nursery & Baby
Permanent · LONDON
HARRODS
Buyers Clerk - Furniture And Bed & Bath
Permanent · LONDON
HARRODS
Senior Buyers Clerk - Fine Watches & Jewellery, Homeware & Furniture
Permanent · LONDON
Published
May 19, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Richemont takes stake in Dufry, aims to grow its brands in travel retail

Published
May 19, 2017

Dufry and luxury giant Richemont both saw their shares rising Friday morning after it emerged that Richemont has acquired a 5% stake in the global travel retail leader.


Dufry



Dufry’s shares rose over 6% on the Zurich bourse to beat the index’s overall performance, while those of Richemont edged up slightly.

While the move surprised many analysts they agreed it made sense, and the company confirmed the news, saying that it wants to enable its labels to access strong retail locations and that luxury consumers today are increasingly consumers who travel.

Richemont is known to have been looking at the buoyant travel retail sector as a way to drive sales rises and analysts pointed out that its chairman Johann Rupert had said on his most recent earnings conference call that travel retail could be a prime segment for it to grow in small leathergoods specifically. Industry watchers said it will be key for the conglomerate’s watch sales too.

Richemont owns a basket of ultra luxury brands with major interests in leathergoods and watches, including Chloé, Alaïa, Alfred Dunhill, Lancel, Shanghai Tang, Montblanc, Baume & Mercier, Cartier, Piaget and Vacheron Constantin.

Dufry’s share price rise has been particularly impressive this year following news that Chinese conglomerate HNA is building a stake too, in this case one that is approaching 20%. This, along with the Richemont news, has made the shares 25% more expensive today than they were on January 1.

The importance of travel retail operations to luxury firms has been clearly demonstrated over the years by LVMH’s controlling stake in duty free retail giant DFS. Despite what LVMH has described as a “difficult” tourist environment, it has continued to expand the chain into new markets, opening lavish flagships in Angkor, Cambodia and Venice, Italy recently.

Dufry meanwhile said earlier this month that turnover rose 7.2% CHF 1,706.8m in Q1, driven by organic growth and supported by synergies from the World Duty Free acquisition. Gross profit margin further improved to 59.6%. And EBITDA increased to CHF 154.7m.

Copyright © 2022 FashionNetwork.com All rights reserved.