INDIA. In an important new alliance, King Power Group (Hong Kong), IDFS Trading and independent Singaporean company Yam Seng have signed an agreement to form a joint venture to develop retail operations in India.
The partnership, announced via The Moodie Report during the TFWA Asia Pacific show in Singapore, will bid for upcoming duty free concessions at India’s major international airports. It will also explore opportunities in domestic airport and downtown locations.
King Power operates over 100 duty free and travel retail shops throughout Asia Pacific, which reach out to over 250 million air passengers. These stores operate under different fascia brands and concepts, including duty free stores, multi-brand department stores, category-specific shops and branded stand-alone boutiques.
IDFS has for many years operated duty free concessions onboard India’s major international carriers, including Jet Airways, Kingfisher Airlines and (until recently) Air India. It also partners with Delhi International Airport Limited and Aer Rianta International in running India’s largest duty free concession, some 3000sq m of retail space at Indira Gandhi International Airport’s new Terminal 3 in Delhi.
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Three-way partnership: (Left to right) Deepak Talwar, Antares Cheng and Sunil Tuli |
King Power Group Managing Director Antares Cheng said: “Our international expertise in operating diverse retail formats coupled with the specialised local knowledge of IDFS will help us create world-class duty free retail offerings for Indian airports.
“India’s consistent economic growth is expected to boost international air travel through the country. With increasing spends per passenger at Indian airports, duty free retail holds immense growth potential. King Power plans to unveil an exciting range of luxury goods and accessories to India’s ever-evolving consumer base.”
IDFS Trading Chairman Deepak Talwar added: “Duty free retailing in India has evolved over the last few years and is raring to go. This strategic alliance will open new avenues in the duty free arena. The adoption of international best practices will further propel the entire duty free shopping experience at Indian airports.”
Sunil Tuli, Founder and Director of Yam Seng, Singapore, will be the third partner in the joint venture. India-born Tuli, who is also King Power’s Managing Director of Duty Free and Travel Retail, will participate in the alliance through his Singapore-based company.
Tuli has over 28 years experience in duty free, starting with state-owned retailer ITDC in India in 1984. He was Chief Operating Officer for Weitnauer (now Dufry), for Asia Pacific and Middle East till 2002. He joined King Power in 2003. He is also the President of the Asia Pacific Travel Retail Association.
