The aim was to expand a broader and more varied network of duty-free offerings across airport locations, including both exterior and interior shop spaces. Yet, contrary to some wishes, Dufry, the Swiss retail giant, remains the dominant player behind roughly 90% of the duty-free activity. With no formal awarding finalized, this single group is the sole bidder able to supply the 185 million euros requested by the public manager of Spanish airports to pilot such ventures in Catalonia (at Girona and Reus) and Madrid. The competition design had effectively blocked other operators from bidding for this batch, which would control more than 80% of the stores in these facilities, leaving most players with little choice as the initial round concluded without viable alternatives. A withdrawal of that condition would still leave Dufry’s offer as the feasible path. It is extremely challenging to counteract a company that has been entangled with these operations since its inception in Spain a year prior. Franc remains a point of tension in the discussion.
Dufry is a well-known Spanish brand in the duties-free space. The brand’s roots stretch back to the 1974 formation of a public company established by the government to operate duty-free shops at the country’s ports and airports. It arrived two years later and continues to play a major role in the duty-free sector, albeit under a different name and with commercial structures that have evolved over time.
Privatization occurred in the late 1990s, with major financial maneuvers shaping the group’s evolution. The portfolio included a holding company backed by entities such as Altadis and other international interests, eventually leading to a rebranding as World Duty Free Group. In 2012 it integrated with other holdings, and a decisive restructuring in 2015 positioned the firm to secure a dominant stake through substantial acquisitions for 1.3 billion euros, securing a key portion of the business.
Dufry’s narrative
Originating in Basel, Switzerland, the company has grown rapidly since its early days in the 19th century, with an initial public offering in the early 2000s. It expanded through markets across the Americas and Europe, aligning with several iconic names in the travel retail sector as it pursued a global footprint, alongside competitors who shaped the landscape of airport retail. A notable leadership change occurred when Julián Díaz stepped down and Xavier Rossinyol stepped in as CEO in 2022, bringing experience from a related airport retail and catering background and a track record of guiding strategic acquisitions.
The ascent involved strategic moves by private equity and a history of leadership transitions, including a period when Advent International held a controlling stake. The leadership changes reflected a broader industry shift toward integrating travel-related services and expanding the assortment of shops beyond purely duty-free offerings.
Within this dynamic, the consolidation of assets and the cross-border expansion set the stage for a broader strategic vision. Rossinyol has highlighted a plan to fuse participation across multiple formats and travel experiences, signaling a move toward a larger, more diversified entity that transcends the traditional duty-free model. This approach points to a broader transformation that aligns with evolving consumer expectations in travel retail.
Vision for 2027
Officials signal a trajectory toward combining extensive participation across travel-related businesses, aiming to build a group that spans more dimensions of the traveler’s experience. The message emphasizes a strategic shift that goes beyond duty-free stores, seeking to create a comprehensive, cohesive brand within the travel ecosystem. The emphasis is on constructing a portfolio with broad reach across airports, ports, stations, hotels, and other travel hubs, aligning with a growing trend toward integrated travel experiences.
Today, Dufry operates a network of thousands of installations, including airports, ports, train stations, hotels, and roadside venues. The roster features distinctive outlets and themed shops, such as high-end perfume emporia, eyewear boutiques, wine bars, and cosmetics stores, spanning regions that include Europe, the Americas, the Middle East, and beyond. The company claims a global footprint across numerous airports and travel hubs, pointing to a diversified portfolio that reflects modern retail demands in aviation-driven commerce. This expansion dovetails with the broader travel-retail ecosystem that enables seamless, experiential shopping for travelers around the world.
In 2022 the reported revenue reached a figure interpreted as multi-billion Swiss francs, with expectations for growth through ongoing strategy and potential acquisitions. The broader industry context includes major players in the travel retail sector, all pursuing opportunities to scale through partnerships, mergers, and consolidations that reshape the competitive landscape in airports and other travel venues.
Across the sector, different groups have stepped into key roles, adopting approaches that balance duty-free heritage with new, experiential formats. The evolving market reflects a trend toward larger, more diversified offerings that serve today’s global traveler with a mix of luxury, lifestyle, and convenience products—an approach that positions the leading players to influence the pace and direction of airport retail globally.