URUGUAY. Top Brands International has completed its planned acquisition of Neutral Duty Free for an undisclosed fee.
As reported, Top Brands had been pursuing the acquisition, which would make it one of the region’s largest duty free operators, with 80 stores across Latin America and the Caribbean.
That acquisition has now been finalised with Top Brands owning 100% of Neutral’s shares, Neutral Duty Free CEO Enrique Urioiste told The Moodie Davitt Report.
All of Neutral Duty Free’s stores will be rebranded Neutral by Luryx to reflect Top Brands’ retail identity.
News of the anticipated acquisition was first reported by respected Americas travel retail title Travel Markets Insider (TMI)* in July.
At the time, Top Brands International President Danny Yohoros told TMI: “This is a very strategic move for us. We see tremendous potential ahead for the Neutral stores on the border. The economy in Brazil is getting better and with the synergies that will accrue with our existing companies, we will bring greater strength and value to the business.”
Yohoros noted that Top Brands has already been operating duty free shops on the border between Uruguay and Brazil, and has the experience needed to make the business go forward.
Neutral runs nine border stores across six cities on the Uruguay/Brazil land border – Acegua, Artigas, Bella Union, Chuy (two), Rivera (two) and Rio Branco (two) – as well as departures and arrivals stores at Rosario in Santa Fe, Argentina. The retailer opened its largest store yet in 2015: a 4,000sq m shop in the Melancia Mall, Rivera.
Neutral is also the exclusive franchisee of Gap Inc for Uruguay and Paraguay. The company operates standalone duty-paid stores in the Uruguayan local market as well as branded store-in-stores at different Neutral duty free locations on the border between Uruguay and Brazil.
*Note: Travel Markets Insider is a leading specialist travel retail publication dedicated to the Americas, with which The Moodie Davitt Report has a close, informal working relationship. Owner and Editor Lois Pasternak can be contacted on editor@travelmarketsinsider.net
