FINLAND. Finnair subsidiary Finnair Travel Retail has signed a deal to sell its shops at Helsinki Airport to World Duty Free Group. The transaction is expected to close in the fourth quarter of 2014. Finnair made the announcement this morning. The move will give WDFG exclusivity over duty free at Helsinki after it won the tender for space previously operated by the airport last year.
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The transaction will have a positive impact of around €13 million on Finnair’s 2014 result before taxes. With the transaction, approximately 60 of Finnair Travel Retail’s employees will transfer to World Duty Free Helsinki Ltd. as existing employees.
“This transaction is a part of Finnair’s restructuring programme in which Finnair aims to focus on its core airline business”, said Finnair Chief Commercial Officer Allister Paterson. “World Duty Free is a global actor in the tax free sales business, and airport sales are at the core of their business. We also believe World Duty Free Group offers a good home for the competent and experienced team transferring from Finnair.”
Finnair Travel Retail Ltd. operates the Finnair Tax-Free Shop and the Arrivals shop at Helsinki Airport. In addition, the company operates inflight and pre-order sales on Finnair flights. The transaction between Finnair Travel Retail and World Duty Free Group covers only the airport retail function.
