BUSINESS

Dufry and CDF Take Over Shanghai Duty-Free Concessions After Sunrise Freeze-Out

Published: Dec. 12, 2025 5:23 a.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

A CDF duty free shop at Shanghai Pudong International Airport on Dec. 11, 2025.

The China unit of Avolta AG and state-owned China Duty Free Group Co. Ltd. (CDF) have won contracts to operate duty-free concessions at Shanghai’s two major international airports, unseating the long-time incumbent Sunrise Duty Free Shanghai Co. Ltd. after an unusual corporate power play.

Shanghai Airport (Group) Co. Ltd. on Thursday published the results for three tender packages covering international duty-free shops at Pudong International Airport’s Terminals 1 and 2 and their satellite halls, as well as Hongqiao International Airport’s Terminal 1.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Avolta AG’s China unit and state-owned China Duty Free Group (CDF) won contracts for duty-free concessions at Shanghai’s Pudong and Hongqiao airports, replacing Sunrise Duty Free Shanghai.
The contracts, covering 2026–2034, were awarded via a competitive tender with rents up to 3,141 yuan ($444.6)/sqm and 8%–24% commissions.
Sunrise failed to qualify due to internal shareholder conflict; CDF remains a major industry leader with about 200 stores.

AI generated, for reference only

Who’s Who

Avolta AG: Avolta AG, a global travel retail giant based in Switzerland, recently secured a contract to operate duty-free concessions at Shanghai's Pudong International Airport. Its China unit, Dufry (Shanghai) Commerce Co., won one of three tender packages for an eight-year operating period beginning in 2026.

China Duty Free Group Co. Ltd.: China Duty Free Group Co. Ltd. (CDF) is a state-owned company that has won contracts to operate duty-free concessions at Shanghai's two major international airports. CDF was the runner-up for one package and won two others. It is the dominant force in China's duty-free industry, operating six offshore duty-free stores in Hainan and approximately 200 shops across China and overseas.

Sunrise Duty Free Shanghai Co. Ltd.: Sunrise Duty Free Shanghai Co. Ltd. (上海日上免税行有限公司) was the long-time incumbent operator of duty-free concessions at Shanghai's major international airports since its founding in 1999. Initially foreign-owned, it sold a 51% stake to China Duty Free Group Co. Ltd. (CDF) in 2018. Due to an internal shareholder conflict with CDF, Sunrise was unseated and failed to secure contracts for the new operating period.

Shanghai Airport (Group) Co. Ltd.: Shanghai Airport (Group) Co. Ltd. published the results for the tender packages covering international duty-free shops at Pudong International Airport and Hongqiao International Airport. It also holds a 15.68% stake in Sunrise Duty Free Shanghai Co. Ltd., the current operator of these duty-free concessions.

Dufry (Shanghai) Commerce Co.: Dufry (Shanghai) Commerce Co. is the Chinese operation of the Swiss global travel retail giant Avolta. It secured the top spot for one of three tender packages to operate duty-free concessions at Shanghai's international airports, offering a fixed monthly rent of 3,141 yuan per square meter and commission rates between 8% and 24%.

Citic Group Corp. Ltd.: Citic Group Corp. Ltd. owns a 33.32% stake in Sunrise Duty Free Shanghai Co. Ltd. This stake represents their continued involvement in the company after regulations mandated duty-free license holders be state-owned, leading to China Duty Free Group Co. Ltd. becoming the majority shareholder.

AI generated, for reference only