Top Travel Retailers

China Duty Free Group extends leadership among world’s top travel retailers

We present our annual guide to the world’s leading travel retailers measured by their annual sales. Read on for our comprehensive report and analysis – compiled, written and edited by Dermot Davitt and Martin Moodie.

Introduction: Having ascended to market leadership among the world’s travel retailers after a stellar performance in 2020, China Duty Free Group (CDFG) maintained its number one position in 2021. That’s according to The Moodie Davitt Report’s latest rankings of the world’s top travel retailers, which measures the top players by their annual turnover.

Buoyed by another strong year for the Hainan Island offshore duty free business, which it dominates, CDFG extended its lead against its international peers. Its 2021 sales of €9,369 million were more than double the figure of number two Lotte Duty Free. The Shilla Duty Free, Dufry Group and DFS Group round out the top five against the backdrop of a second COVID-hit year for the industry.

Top Travel Retailers 2021

(By turnover, € million)

Notes: Figures are those from company reports and our estimates, with some alternative online and wholesale figures included. We also include other revenue sources such as F&B, important in the case of Lagardère Travel Retail and others.

These figures are measured by annualised turnover and converted at 31 December 2021 rates to a single currency, the Euro.

The pandemic again had a clear impact on the industry landscape and on the rankings. The relatively low levels of international traffic across the year had a direct negative effect on the business worldwide. While Europe and the US showed signs of recovery in the second half – until the Omicron variant caused further shutdowns from November – Asia Pacific markets remained largely closed through 2021. That explains many Asia-based retailers’ slide in our list for last year; the recovery now well under way should restore most to their previously elevated rankings.

In these updated rankings (derived from company reports and our estimates) we include some alternative online and wholesale figures, duty free and duty paid, plus other channels such as food & beverage, where relevant.

Some of our figures include joint ventures and managed turnover, for instance in the cases of Lagardère Travel Retail and Aer Rianta International. We have this year chosen to focus on a top 15, rather than our usual top 25, with the performance of many companies skewed by the pandemic effect.

So how do the leading travel retail companies rank for 2021? Read on for the company by company performance in detail.

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The Moodie Davitt eZine Issue 313 | 28 July 2022

The Moodie Davitt eZine is published 14 times per year by The Moodie Davitt Report (Moodie International Ltd). © All material is copyright and cannot be reproduced without the permission of the Publisher. To find out more visit and to subscribe, please e-mail

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