Commercial Sales Results
LVMH sees Q1 revenue soften amid ‘uncertain’ environment; DFS sales remain behind 2019 levels
LVMH noted: “DFS remained below its 2019 pre-COVID level of business activity, with international travel only partially recovering in Europe and at flagship destinations Hong Kong and Macau.”
ETRC Index shows 2023 European travel retail revenues just -1.8% down on 2019
Total annual sales of €8.67 billion (US$9.22 billion) represented a substantial +17.8% increase measured against 2022 performance and a marginal decline compared to the pre-pandemic level.
Interview: Americas markets fuel Avolta’s multi-channel ambitions
We reflect on the travel retail to food & beverage leader’s progress in 2024, with emphasis on developments in the Americas.
Zurich Airport commercial sales climb but average spend dips in first three months
The key figure of airside spend per departing passenger in the quarter slipped by -2.6% year-on-year to CHF22.80 (US$25).
“Outstanding results” – Zegna more than doubles profits to €136 million
“2023 has been a milestone year for group,” says Ermenegildo ‘Gildo’ Zegna, Group Chairman and CEO of the Italian luxury fashion house that carries his name, following a stellar full-year performance.
China Tourism Group Duty Free Corp’s Q1 attributable profitability edges ahead amid -9.45% drop in operating income
Chairman of the Board Wang Xuan welcomes a 3.95 percentage points increase on profitability year-on-year as the outbound travel revival helps boost the more lucrative offline business. Overall revenue, though, was down almost -10%. UPDATED story with Goldman Sachs analysis.
“Virtuous growth” sees Marcolin post +27.9% increase in adjusted EBITDA for 2023
A strong 2023 performance was fuelled by Marcolin finalising the perpetual licence agreement for Tom Ford Eyewear and the acquisition of ic! Berlin.
Goldman Sachs maintains ‘buy’ rating for CTG Duty Free amid probable Chinese downtown duty free breakthrough
Pre-departure downtown duty free shops “are just a matter of time”. That’s the view of China Tourism Group Duty Free leaders about a long-anticipated market development that could hugely enhance the world number one travel retailer’s business in China.
Guest editorial – The past, present and future of the South Korean duty-free industry
Allen Hong is one of South Korea’s most experienced travel retail executives. In this article, he assesses the Korean duty-free industry’s state of health in light of far-reaching regulatory changes introduced on 1 February affecting the previously dominant daigou reseller sector.
“Entering a new normal” – Korean downtown duty-free sales plummet as daigou regulation changes kick in
“We are entering a kind of new normal, i.e. real travel retail instead of being the wholesale centre of the region,” a senior Korean travel retail executive tells The Moodie Davitt Report as new regulations curbing reseller activity hit market sales.
China Tourism Group Duty Free powers ahead as net profits rise +32.8%
2023 revenue at the parent company of the world’s number one travel retailer rose +24.1% year-on-year to CNY67,540 million (US$9.3 billion), while net profit increased +32.8% to CNY6,790 million (US$939.4 million)
London Gatwick Airport retail performance outstrips passenger traffic recovery
A strong performance from duty free and food & beverage contributed to robust growth in commercial turnover at Gatwick Airport last year, supported by a bounceback in passenger traffic.
