Chinese Duty-Free Market Welcomes New Entrants
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.