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《大行報告》花旗:阿里(09988.HK)與Dufry組合資 可受惠消費者對國際品牌增長需求
阿思達克 10-07 10:11
花旗發表的研究報告指,10月5日Dufry宣布與阿里巴巴(09988.HK)成立合營,尋找內地的增長機遇並拓展旅遊零售業務,阿里將持有合營的51%而Dufry將持有49%,另外阿里亦計劃投資Dufry不多於2.5億瑞士法郎,持股最多9.99%。而在合營裡,Dufry將在中國拓展其旅遊零售業務,並為合營帶來供應鏈及經營技術的支持,而阿里則會提供在內地的網絡及數碼化能力。

該行相信阿里作出投資背後的理據,認為或是疫情後的旅遊禁令及對環球旅遊零售業帶來的影響促使雙方組合營,認為旅遊限制帶動內地對進口貨的強勁需求。另外今年初內地頒布海南免稅品的政策,並自7月1日起生效,每人的免稅消費額達10萬元人民幣,估計合營將受惠消費者對國際品牌需求增加。

該行亦相信對阿里來說,雙方的合作可借助Dufry的供應鏈和經營能力,而將Dufry數碼化亦有助阿里獲得更多線下消費習慣的數據,而Dufry的國際化足跡則可為阿里提供國際消費習慣資訊,支撐其國際化策略,到國際旅遊恢復時則可為本地消費者提供更方便的服務,相信今次只是阿里打入國際零售渠道的開始。

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