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CARIBBEAN. St Thomas Duty Free LLC, a company set up by a consortium of European investors led by former Weitnauer/Dufry senior executive Jan Baljet, has acquired a number of retail and import businesses from AH Riise, a retailer and mall operator based in the US Virgin Islands.
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“The acquisition of the AH Riise liquor and fragrance retail business in St Thomas confirms the natural fit between our visions for travel retail, and this transaction fully supports our mutual goals“ |
Jan Baljet Director St Thomas Duty Free |
The company has signed a long-term concession agreement to operate AH Riise’s duty free fragrance and liquor stores at the AH Riise Mall in St Thomas, and has also purchased its liquor and fragrance business at Cyril E King Airport and at Haven Sight, Crown Bay. The agreement also includes AH Riise’s liquor import business.
“St Thomas Duty Free LLC is owned by a group of European duty free investors who have identified St Thomas and the Caribbean region as an opportunity for expansion and long term growth,” said AH Riise Vice Presidents Sebastiano Paiewonsky Cassinelli and Filippo Cassinelli in an official statement. “We are pleased to partner with them, as they are committed to building the retail business in St Thomas and within the region, and they have the resources and experience to do so.”
Baljet, Director of St Thomas Duty Free, added: “The acquisition of the AH Riise liquor and fragrance retail business in St Thomas confirms the natural fit between our visions for travel retail, and this transaction fully supports our mutual goals.”
Baljet is well known to the travel retail industry, having spent 11 years until 2005 with Dufry (and its predecessor Weitnauer), culminating in a successful stint as Eurasia & Asia Deputy Chief Operating Officer (Asia, Middle East). Since then he has held senior roles with Paris Gallery, Van Caem International and US border retailer Image Duty Free.
About AH Riise
AH Riise is a privately-held, family-owned business with three core businesses: retail, liquor importation and commercial real estate.
One of the company’s retail divisions specialises in the sale of fragrances, cosmetics and liquor and claims to be the largest retailer of these products in the Caribbean. This division, along with the liquor importation business and Down Island Traders, has now been acquired by St Thomas Duty Free.
About St Thomas Duty Free
The new company, represented by Jan Baljet, is backed by a consortium of active European investors for whom duty free retail is a core business. The company is said to have “a strategic plan for growth in the Caribbean”, of which the AH Riise transaction is a major part.
