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It looks like luxury goods houses still have faith in the travel retail channel, as media such as the Business of Fashion announced this morning that Richemont Group-perhaps following in the steps of LVMH when it acquired DFS Group? — has bought a 5% stake in Dufry, the world’s largest duty free retailer. Financial markets liked the news, as Dufry’s stock ended the day up +7.9 %. We will report more news on this developing story as it becomes available.
More critical news in the Americas.
Brazil: will the new Temer scandal derail South America’s largest economy’s fledging recovery? Just as Brazil was set to celebrate the news that it might finally be climbing out of its worst recession in history, President Michel Temer is embroiled in major cover-up/bribery allegations, with calls for his immediate resignation. See story on page 4.
Tocumen tender announced: After two years of planning, the airport management has revealed the first details of Panama’s Tocumen airport duty free tender for the North Terminal, with more information expected next week. Page 4.
Delta and Aeromexico get the green light to begin joint cooperation agreement to operate transborder flights between the United States and Mexico. Page 4.
TMI special Retail feature:
International Shoppes opened luxury boutiques for five prime beauty brands in Boston Logan International Airport, Terminal E, significantly enhancing the airport’s elegance last week. TMI speaks with IS executives Scott Halpern and Matt Greenbaum about the latest renovations. Page 1.
TMI special supplier feature:
Bringing the Mount Gay experience directly to Crystal’s bartenders.
Remy Cointreau Travel Retail Americas held a unique training for crew and bartenders of the Crystal Serenity cruise ship when it overnighted in Barbados last month, conducted by Mount Gay Master Blender Allen Smith and others. TMI’s Michael Pasternak reports from Barbados. Page 2.
Supply Side News.
Elle Fanning has been named the latest face of L’Oréal Paris. Page 3.
Jo Malone London launches a dedicated The Talk of the Townhouse magazine to tell the story of her iconic fragrances. Page 3.
Bottega SpA continues to strengthen its presence in North America duty free, most recently adding listing with DFA, among others. Page 3.