These are undoubtedly turbulent times for the Global Travel Retail business. An industry notoriously susceptible to external shocks has been tossed around like a vintage bi-plane flying through a tropical typhoon. The decline in spend among Chinese travellers, the dramatic drop in the value of the Russian Ruble, the sclerotic Eurozone economies, the strong US Dollar and its impact on the spending power of Latin America travellers are just some of the headwinds blowing Travel Retail off course.
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