On October 5, DUFRY AG, world's largest duty-free retailer, and Alibaba, the tech giant in China, announced establishing a joint venture company to develop the duty-free business in China. Affected by favorable policies and overseas COVID19 pandemic, the Chinese duty-free market has ramped up in 2020. This cooperation is undoubtedly promising, but these two giants will still face the challenges of local duty-free companies, especially China Duty Free Group that accounts for nearly 90% of Chinese duty-free market share.
On October 5, DUFRY AG, world's largest duty-free retailer, announced establishing a joint venture company with Alibaba to seek the development of duty-free retail business in China. DUFRY AG will hold 49% and Alibaba 51% of the joint venture. DUFRY is responsible for providing supply chain and operating technical support for the joint venture, while Alibaba is responsible for providing network and digital support.
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