Olivier Aeschlimann, Senior Financial Analyst
It took slightly more than a decade for Dufry to emerge from a modest company with CHF 950 million turnover to the leading player in travel retail, with a market share of 13%. The group sales reached USD 8.7 billion in 2018. Dufry is also the most diversified player in the industry with operations in 65 counties on all 5 continents. Geographic diversification is the best way to benefit from the ever growing number of travellers worldwide. This is also a very effective approach to mitigating risks generated by external impacts in single markets or regions. Global passenger numbers (planes, trains, cruises) are currently expected to grow by at least 5% per annum, which translates to a potential of over 400 million new customers for the industry each year. Dufry is very well positioned to take advantage of this global trend.