As part of the deal, Alibaba plans an equity investment in Dufry of no less than 8.5% but up to 9.99%. Other current long-term shareholders—who include the state of Qatar QIC (11.22%), Travel Retail Investment (8.94%), Goldman Sachs GS (5.41%) and Norges Bank (4.38%)—represent around 41% of Dufry's share capital. The Alibaba partnership could give Dufry vital exposure in China where, despite having some retail positions since 2008, the travel retailer lacks any substantial weight. Fierce competition aheadThe exact activities of the new joint venture—51% owned by Alibaba and 49% by Dufry—have not yet been defined. Dufry will use them to finance the Hudson acquisition as well as for the setup and operations of the new joint venture with Alibaba.

Source: Forbes October 05, 2020 14:51 UTC