Dufry AG is a Switzerland-based retail company engaged in the travel retail sector. The Company operates around 1200 shops located at airports, cruise liners, seaports, and other touristic locations. The Companyâ€™s brands include perfumes and cosmetics, confectionary, food and catering, wine and spirits, literature, publications & others, watches, jewelry and accessories, tobacco goods, fashion, leather and baggage and electronics. The Companyâ€™s shops are categorized under four retail concepts: General Travel Retail Shops, which offer a range of products; News and Convenience Stores, which is focused on passengers, whose behavior is based on impulse and convenience shopping; Brand Boutiques, which offer brand boutiques for different brands, such as Hermes, Armani, Victoriaâ€™s Secret, Lacoste, Omega or Bulgari, and Specialized Shops. The Company operates Nuance Group as a wholly owned subsidiary and World Duty Free SpA as a majority owned subsidiary.