Alibaba unites Dufry to break records in retails
This week, Alibaba and Dufry, the world’s largest duty-free retailer, formed a joint venture, in which Alibaba and Dufry hold 51% and 49% of the shares respectively.
Alibaba also plans to make equity investments in Dufry with a target shareholding ratio of up to 9.99% of the share capital after the issuance.
Alibaba and Dufry declares that the goal of this cooperation is to mutually explore and invest in opportunities in China. The alliance will develop the travel retail business and strengthen Dufry’s digital transformation.
Alibaba will introduce its network and its digital capabilities in China, while Dufry will support the partnership with its supply chain and strong operational skills in the travel retail industry.
During the year 2020, the travel tourism industry got hit hard, along with its extension travel retail business, by a flurry of combo punches from the epidemic and the policies that followed.
According to Steve Paxton, theMcKinsey partner and head of the tourism industry in Asia, roughly $0.9 to $1.2 trillion was lost in export revenue from the global tourism industry. Although the global tourism industry will need to wait until 2022 to recover to the level before the epidemic, China, Indonesia, and the United States still express optimism in the subject matter.