Luxury brands banking on growth of travel retail
They are opening more airport, cruise ship outlets
[PARIS] Luxury brands are stepping up the battle for travelling shoppers with more outlets at airports and on cruise ships, tapping into one of the fastest growing sections of the market that looks set to keep booming thanks to soaring numbers of Asian tourists.
Revenues from travel retail, which also includes sales on airplanes, rose 9.4 per cent in 2012 to US$55.8 billion, according to a market study by Generation Research.
It should reach US$60 billion this year and nearly double in size by 2020, the study forecast. "This channel is becoming very important," Bruno Pavlovsky, chairman of Chanel's fashion business, said. "Customers are spending time in airports where the environment has become increasingly sophisticated."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter