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Swiss Dufry owns 51% of Greek Folli duty-free business  Join our daily free Newsletter

MENAFN - 10/10/2012

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(MENAFN) Swiss travel retailer Dufry has agreed to acquire a controlling stake in Greek retailer Folli Follie's local duty-free operations, Reuters reported.

Dufry will buy 51 percent stake in Folli's duty-free operations for USD258.6 million. Folli's duty free business includes a network of 90 shops at 45 locations across the country, the retailer said.

Dufry will have an option to buy the remaining 49 percent in four years' time at a fair market value, Folli added.

Folli's, in which Chinese private conglomerate Fosun owns 13.4 percent, sells jewelry and other accessories at about 800 stores in Europe, Asia and the US. Its operating profit reached USD108.7 million in 2011 on the back of USD375.2 million in sales.

 






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