Pursuits
Richemont Buys Duty-Free Stake on Bet Robots to Boost Travel
- Travel retailer Dufry surges as watchmaker reveals 5% stake
- Chairman Johann Rupert predicts tech change will boost travel
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Johann Rupert, the billionaire who controls Cartier owner Richemont, envisions a future in which humans are displaced by robots in the workplace and have all the time in the world to travel. He’s betting the company’s money on it.
The Swiss luxury-goods maker, whose brands also include Montblanc, on Friday disclosed a 5 percent stake in Dufry AG, the world’s largest duty-free retailer. Dufry shares rose as much as 7.5 percent in Zurich.