HONG KONG — Alibaba Group Holding has teamed up with Swiss duty-free shop chain Dufry Group to target Chinese who are starting to travel again even as much of the world remains bound up by coronavirus pandemic controls.
Under the deal announced on Monday, Alibaba will acquire a stake of just below 10% in Dufry while also taking a 51% interest in a joint venture to be formed in China with its new partner.
The new alliance comes after Dufry lost its status as the world’s top duty-free operator by revenue in the first half of the year to state-owned China Tourism Group Duty Free. It also comes as an estimated 600 million Chinese are traveling domestically during the country’s eight-day National Day holiday break, with many headed to Hainan Island where Beijing has loosened rules to promote duty-free shopping by locals — to CTG Duty Free’s advantage. Read more…..
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