CANNES — Cosmetics executives and duty free operators faced the threat of an impending worldwide recession here this week with a combination of uncertainty and gritty resolve.
The five-day Tax Free World Association World Exhibition opened Monday with a warning from Erik Juul-Mortensen, president of TFWA.
“We have risen to the challenge in the past, but this current challenge will likely be more drawn out and difficult than any that we have met before.” Referring to the $34 billion total duty free business worldwide, he added that, “Our industry could stagnate or go into reverse in the short term. Our largest and most immediate challenge...
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