Luxury brands conglomerate Richemont, which is controlled by the Stellenbosch-based Rupert family, has quietly increased its interest in global travel retailer Dufry. In March 2017, Richemont acquired an initial 5% in Swiss-based Dufry, which operates more than 2,200 shops in airports, cruise liners, ports, railway stations and tourism hubs. At a presentation of the interim results to end-September on Friday, it was confirmed Richemont had increased its stake in Dufry to 7.5%. Jon Cox, an analyst at Kepler Cheuvreux, unsuccessfully pushed for more detail. Richemont chief financial officer Burkhart Grund said there was not much to add. "During our roadshow in May and June, we said we had no plans to significantly increase our stake in Dufry." He said Richemont had met Dufry’s management to work on business opportunities.
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