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Avolta AG
ISIN: CH0023405456
WKN: A0HMLM
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Avolta AG · ISIN: CH0023405456 · EQS - Company News (199 News)
Country: Switzerland · Primary market: Switzerland · EQS NID: 1918085
05 June 2024 06:30AM

Avolta and utu Unleash 25% More Spending Power at Milan Airports with VAT Refund Innovation


Avolta AG / Key word(s): Miscellaneous
Avolta and utu Unleash 25% More Spending Power at Milan Airports with VAT Refund Innovation

05.06.2024 / 06:30 CET/CEST


Avolta, the leading global travel experience player, and utu, a travel fintech company, are launching a pilot programme to maximize Duty-free shopping opportunities by enhancing the VAT refund process at Milan’s Malpensa Airport Terminal 1 and Milan Linate Airport in Italy. The innovative programme offers travelers 25% more spending power by upcycling city-side VAT refunds, aiming to unlock significant airside Duty-free revenue growth.

Kicking off in June 2024, the Avolta x utu programme is set to redefine the traveler’s retail journey by transforming VAT refunds into duty-free vouchers redeemable in Milan. While the pilot is focused on Avolta’s Milan duty-free operations, if successful the programme will be rolled out across its global shop network, unlocking additional sales potential for Avolta worldwide.

From early June, non-EU travelers can easily convert their VAT refunds from city-side purchases into airside duty-free vouchers worth around 25% more than their original refund. By erasing the line between cityside and airside shopping, the programme maximises the potential of VAT refunds, offering travelers increased spending power, which they can access instantly through utu’s dedicated web solution available on all smartphones. Tourists will continue to complete the standard tax refund process at the airport prior to departure. 

In the global travel retail sector, an estimated US$ 4 billion in VAT refunds processed at airports goes unclaimed each year1. The Avolta x utu programme will be the first to capture this market at scale, capturing VAT refunds that might otherwise leave the country, as an incremental sales driver for Avolta’s airside retail stores in Milan and, if successful, on a global scale.

Maurus Lienhard, Chief Strategy and Transformation Officer at Avolta, said: "utu’s proposition puts the traveler at the centre by providing additional value and enhancing their journey; this fits perfectly within our Destination 2027 strategy. We are excited to launch utu in a major European travel hub where tax-free shopping  plays a key role, and look forward to sharing its benefits with our customers. Additionally, we see potential to leverage our global network with a presence over 73 countries and 5,100 points of sale to roll out this programme, driving sales growth for our business. utu's innovative solution complements our mission to make the journey as rewarding as the destination and unlock new sources of value."

Ameer Jumabhoy, Co-Founder of utu, commented: "Our partnership with Avolta demonstrates the untapped potential within the travel retail ecosystem. By rewiring the tax-free and duty-free value chain, we're creating a win-win for travelers and airside retailers. We believe this model can be replicated in airports worldwide, driving multi-billion dollar growth for the industry."

utu has already garnered significant attention within the travel retail industry. In 2023, utu's solution impressed judges at Avolta’s NEXT Global Innovation Challenge, a showcase seeking visionary ideas to elevate travel retail. Selected as one of 14 finalists from over 140 entrants, utu secured a funded project with Avolta.

The programme launch will be supported by a strategic marketing campaign featuring a mix of digital promotions with in-person engagement. Avolta x utu ambassadors will be placed in key locations in the Milan city centre and within Malpensa Airport T1 to educate travelers and drive awareness of the offering.

As the project progresses, the travel retail industry will be assessing the impact of unlocking refunds earned city-side on their own airside duty-free sales. The Avolta x utu model will serve as a blueprint for airports and retailers worldwide, with an opportunity to unlock a new era of growth for the travel retail sector.


Notes to editors

1 utu projections based on Global Blue publicly available data

About utu

utu (pronounced "you-too") is transforming tax-free shopping worldwide by empowering travelers with the freedom to obtain a higher VAT refund by going beyond digitising refunds to re-engineer the tax-free shopping value chain to benefit travelers. The utu management team has deep domain knowledge in tax-free shopping developed over 25 years of refunding VAT and GST worldwide. By bringing the worlds of refunds and rewards together, utu unlocks new value in rewards from retailers, airlines, hotels, and others. Founded in 2016 and headquartered in Singapore, utu's products can be used in over 50 countries.

https://www.utu.global/ 

 

For further information:

CONTACT
 

REBECCA McCLELLAN CATHY JONGENS
   

Global Head
Investor Relations

Director Corporate
Communications
Phone : +44 7543 800405 Phone : +41 79 288093
rebecca.mcclellan@avolta.net cathy.jongens@avolta.net
   


End of Media Release


Language: English
Company: Avolta AG
Brunngässlein 12
4010 Basel
Switzerland
Phone: +41612664444
E-mail: Headoffice@dufry.com
Internet: https://www.avoltaworld.com/
ISIN: CH0023405456
Listed: SIX Swiss Exchange
EQS News ID: 1918085

 
End of News EQS News Service

1918085  05.06.2024 CET/CEST

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1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.