The World’s Top Travel Retailers (continued)
China Duty Free Group
2023 turnover (million)
€8,618
2023 Rank
2
Movement
▽1
Having achieved leadership status among the world’s travel retailers in 2020, China Duty Free Group (CDFG) moves down a place in our latest list in 2023.
That’s due to the full post-COVID recovery of international powerhouse Avolta, which returns to the number one ranking in terms of retail sales alone, as well as retail and food & beverage combined (full results appear in our July/August Magazine).
Parent company China Tourism Group Duty Free Corp (China Tourism Group) reported revenue of CNY67,540 million (€8,618 million at 31 December exchange rates), a leap of +24.1% year-on-year, with net profit up by +32.8%.
Despite the weakness in the Chinese economy, the outlook remains broadly positive for CDFG. It is now benefiting from major store investment led by the October 2022 opening of the world’s largest single duty-free destination, cdf Haikou International Duty Free Shopping Complex, with plans to further develop the Sanya International Duty Free Shopping Complex as a world-class tourist resort.
The company is heavily focused on expanding its presence at key domestic airports and border points, while boosting its online and ecommerce reach.
Overseas expansion is also high on the agenda. CDFG will officially inaugurate its Colombo Port City Downtown Duty-Free Mall in Sri Lanka later this month, among other projects.
The spectacular cdf Haikou complex, opened in late 2022, will be a driver of CDFG performance for many years to come
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The Moodie Davitt eZine
Issue 336 | 20 August 2024
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