subject: Flemingo Unveils Us$2 Billion Vision And New Branding In Cannes [print this page] Flemingo Duty Free has revealed its ambition to target US$2 billion in annual turnover by 2020, and unveiled new branding and a new-look logo for its business.
The company explained its strategy for growth at TFWA World Exhibition on Monday.
CEO Atul Ahuja said: "We have grown at +80% a year in turnover over the past eight years, and even with modulated growth of +30% a year, we can hit the US$2 billion figure through new business, growing organically and possibly some strategic, opportunistic acquisitions.
"We are the only major travel retailer focused entirely on emerging markets, we are nimble and we think locally, though we are international."
As reported last year, the company is looking ahead to a public flotation to help fund its growth. Ahuja said it would finance the next stage of expansion through "a mixture of internal accruals, debt and equity".
Speaking also about the group's growth plans, independent Board Director Paul Topping underlined the four pillars on which Flemingo plans to grow. These are people (the company is recruiting what it calls its management 'dream team'); partnerships; its focus on emerging markets and its 'de-risking strategy' whereby it operates across many different territories on three continents.
The company also unveiled its new branding, with the image of a flamingo inside a globe, plus slogans such as "The Duty Free People' and "The Next Frontier' to outline its ambitions.
Flemingo has also been diversifying, with many new formats such as food & beverage and coffee shops at airports, as well as its existing airport, seaport, border store, diplomatic and airline operations.
Topping said: "We are talking to airports about full master commercial concessionaire contracts, covering everything from F&B to retail. It's a good solution for smaller regional airports with one company managing the commercial business for them.
Baltona CEO Andrzej Uryga underlined the strengths of that approach in Poland and how it could work in other eastern European markets. "We are a one-stop-shop for regional airports and these are opportunity areas. We also have a chance to raise the quality of operations at these airports. In places like Gdansk we have great space to show what we can do."
Flemingo operates 118 outlets in 26 countries, with 1,500 staff worldwide.
