Dufry buys full control in HDF from Folli Follie Group

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Dufry

Swiss travel retailer, Dufry announced that it was buying the remaining 49% stake in Hellenic Duty Free (HDF) from Folli Follie Group for about $452 million. “The deal reflects Dufry’s confidence in Greek tourism and the company itself, which is a high quality asset that produces revenues,” Eurobank Equities analyst Stamatis Draziotis said.

HDF has its own monopoly on duty free shops in Greece and runs more than hundred shops at the airports plus border crossings and seaports and the purchase adds to early interest in Greek companies suffering from a debt crisis. Greece tourism has witnessed the year 2013 as an extremely positive year with the finances back on track and a bumper tourism season that has boosted prospects for HDF shops, expecting to see an increase in revenue by 13% to a record high in 2014.

“This deal is a vote of confidence in Greece. It’s a vote of confidence in Greek tourism,” George Koutsolioutsos, CEO of Folli Follie said.