Adani group-owned duty-free retailer Ospree, that operates duty-free outlets at various airports in India, expects revenues to grow four times to $1 billion over the next two years, senior officials said.

Ospree Duty Free, set up around three years ago to boost non-aero revenues at airports, is a joint venture between Adani Airport Holding and promoters of Flemingo group. Its current annual revenues are in the region of $250 million, of which $200 million are from India and the remaining overseas. The revenue expansion is expected to be driven mostly through domestic sales, though the retailer is also spreading its presence overseas.

It operates duty-free shops at seven airports in India – Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Amritsar and Thiruvananthapuram, its website showed.

Global expansion

It has also opened up an outlet, Le Marche Duty Free, at the Eurotunnel French Terminal in Coquelles, in a joint venture with Duty Free Americas. This JV paves the way for Ospree’s international expansion, officials said.

Part of the Falic group that distributes travel retail and luxury goods, Duty Free Americas operates one of the largest network of travel retail shops in the Americas.

Officials said the JV will initially be focusing on Europe and will gradually expand to other regions.

Ospree has tied up with leading global luxury brands that are available at its airport outlets in India, and some of them are exclusive. For instance, in 2023 it announced the launch of Kylie Cosmetics to be exclusively available at Mumbai Duty Free.