Reshaping travel retail: the Dufry - autogrill deal in a challenging era

Abstract

This case analyses the strategic combination between Autogrill and the Swiss-based company Dufry. The case raises certain issues pertaining to Dufry's recent history, which has been significantly impacted by the Covid-19 pandemic. These problems help explaining the rationale behind the structure used in the deal and whether it was the right moment to acquire a new company in an already well-diversified company’s portfolio or not. Additionally, the case provides information regarding the future outlook of the combined entity. Lastly, the merger is evaluated considering the characteristics of the travel-retail industry, the firm’s peers and the potential risks associated with the two market leaders.