The Nuance Group has acquired a further 27% equity stake its Turkish joint venture with Net Holding, which operates the duty free concession at Antalya Airport.
The acquisition means that Nuance now owns 82% of the venture, ‘Net-Nuance’.
Nuance begun operations at Antalya Airport’s Terminal 1 in 1998, and increased its presence in September 2009 when it took over the duty free retail concession at Terminal 2.
The group currently operates 21 shops across 3,700sqm of retail space in both terminals.
Last year, Nuance unveiled a series of new duty free and specialty concepts at the gateway’s Terminal 1 and is about to complete a major refurbishment of its operation at Terminal 2, which will see the introduction of a new walk-through duty free store.
Roberto Graziani, CEO of The Nuance Group, said: “Our partnership with Net Holding has been a resounding success and has enabled us to make a significant impact on the Turkish travel retail market.
“This transaction allows Nuance to further strengthen its position, ensuring it is well placed to capitalise on the significant growth potential in this exciting and dynamic region.”
Net Holding is a Turkish company predominantly focusing on real estate development, duty free management, and hotel and casino management, where tourism shopping is the dominant area of activity.
Orlando Calumeno, executive board member and CFO of Net Holding, added: “The international know-how and dynamism of the Nuance Group coupled with Net Holding’s local expertise and strength has created one of the greatest stories of success in Turkish travel retail market; Antalya.
“Net Holding has been and will continue to be a proud partner of this dynamic Joint Venture with the Nuance Group.”