Alibaba to purchase 10% stake in Switzerland’s Dufry

The two entities have also entered a deal to jointly invest in and further develop China’s travel retail market. The collaboration aims to speed up Dufry’s digital transformation and help it grow its online travel retail business, according to a company statement.

Alibaba is set to have a 51% hold in the joint venture, with Dufry owning the rest.

The Switzerland-based company also said it plans to ask its shareholders for additional capital on October 6 to bankroll a buyout of its subsidiary, American retail firm Hudson. As part of Dufry’s proposal, it would issue 25 million shares to potentially raise around US$760 million.

Dufry had agreed to acquire the rest of Hudson in an all-cash deal worth around US$311 million earlier in August.