Richemont ups stake in travel retailer Dufry to over 7%

Luxury group Richemont has strengthened its ties with travel retailer Dufry. The luxury giant has upped its stake in Dufry to 7.5%, Richemont CFO Burkhard Grund announced on Friday in a conference call.

Richemont first invested in Dufry, the world’s largest travel retailer, in May when it announced it had acquired a 5% stake. The company made the purchase through its UK-based subsidiary Richemont Luxury Group Limited, which is located in Jersey. In September, Richemont chairman Johan Rupert commented on decision at the annual general meeting, speaking about Dufry as a “strategic investment”.

Richemont owns several luxury brands with major interests in Chloé, Alaïa, Alfred Dunhill, Lancel, Shanghai Tang, Montblanc, Baume & Mercier, Cartier, Piaget and Vacheron Constantin.