Avolta AG (until November 2023: Dufry AG) is a Swiss-based travel retailer which operates duty-free and duty-paid shops and convenience stores in airports, cruise lines, seaports, railway stations and central tourist areas. The company, headquartered in Basel, employs almost 36,000 people and operates in over 65 countries worldwide. It is publicly traded on the SIX Swiss Exchange.
In addition, Dufry is also used as a brand name for some general travel retail shops.[citation needed]
History
The company owns stores at airports, railway stations and ports, and operates concessions onboard airlines and cruise ships.
By August 2017, the Chinese HNA Group, which declared bankruptcy in 2021, had acquired a 20.92% stake in Avolta, worth more than $1 billion.[1] According to the Dutch OSINT platform Datenna, HNA Groups's stake in Avolta led to a medium risk of state influence on Avolta by the Chinese government.[2] HNA Group's airport division was acquired by Hainan Development Holdings on 24 December 2021. However, HNA reduced their share to 3% in 2019.[3]
On 24 October 2023, Dufry announced it was entering a strategic partnership with Hubei Airport Group, a Chinese based air transportation support company. The deal allows Dufry to operate as the Terminal 2 master concessionaire overseeing 77 shops at Wuhan Tianhe International Airport, China’s fourteenth busiest airport.[4]
Dufry's name was changed to Avolta AG on 3 November 2023, after a 99.8% approval by shareholders during an Extraordinary General Meeting convened[5] following the takeover of Autogrill.
Milestones
2023: Name changed to Avolta AG[5] after buying Italian-based restaurant chain Autogrill.[6]
2020: Hudson becomes a wholly owned subsidiary of Dufry and is delisted from the NYSE.[7]
2019: Dufry acquires a 60% stake of RegStaer Vnukovo.
2018: Dufry's subsidiary Hudson Ltd. listed on the New York Stock Exchange (NYSE) with its first trading day on February 1, 2018[8]
2016: Renewal of existing concession contracts. Company is included in the Swiss Leader Index, compiled of the 30 largest Swiss Corporations listed on the SIX Swiss Exchange.
2012: Acquisition of 51% of joint venture with RegStaer Group in Russia. Acquisition of 51% of travel retail operations of Folli Follie Group in Greece
2011: Acquisitions of retail companies within Argentina, Uruguay, Ecuador, Martinique and Armenia, involve 21 duty-free shops split between ten airports
2010: Merger of Dufry Ltd. with Dufry South America Ltd.
2008: Acquisition of US based travel retailer Hudson Group with 550 shops in 69 airports and transportation terminals in the United States and Canada.
2007: Acquisition of one of the main travel retail operator in the Caribbean based in Puerto Rico with 23 shops in Puerto Rico and other Caribbean locations.
2006: Initial Public Offering of Dufry South America Ltd. (DSA) in December. Trading of the shares on the Brazilian and Luxembourg stock exchanges. Acquisition of the Brazilian travel retailer Brasif and its logistic platform Eurotrade.
2005: Dufry becomes a publicly listed company – its shares being listed on SIX Swiss Exchange. Acquisition of the remaining 25% share capital from previous shareholders by a consortium led by Advent International Corporation. Change of logo / corporate design.
2004: Consortium led by Advent International Corporation acquires 75% of outstanding share capital of Dufry. Focusing of strategy on travel retail – divestment of wholesale and non-strategic activities as Weitnauer Distribution (February).[11]
