Global travel retail industry recovery ahead. We anticipate the global travel retail (TR) industry to sequentially recover thanks to an accelerated growth in the Asian non-airport TR increasing share in the global market.  Asian consumers’ luxury demand should continue to repatriate to the non-airport TR channel on regulatory support and improving shopping experience. China TR is expected to be mainly led by Hainan offshore duty free in the coming years, thanks to various policy support. Despite concerns on regional competition, we view Korea TR to remain compelling, equally benefiting from the rapidly growing addressable market in Asia luxury. On Dufry-BABA JV, Dufry is confident of starting its China duty free business in 1H21, although we think it is very difficult to assess the probability, given the international retailers had limited opportunities in China.