BANGKOK: Thai duty-free giant King Power is seeking to terminate its concessions at the kingdom’s major international airports, citing falling numbers of Chinese tourists, the terminals’ operator has said.
Airports of Thailand (AOT) told the Stock Exchange of Thailand (SET) on Monday (Jun 15) that King Power had requested a discussion of the possible termination of its duty-free concession contracts.
King Power, shirt sponsors for English football club Leicester City, has a monopoly on duty-free outlets at Bangkok’s Suvarnabhumi and Don Mueang airports, as well as those in Phuket, Chiang Mai and Hat Yai.
Aside from airport stores, the King Power Group also operates retail outlets around Thailand, as well as hospitality services.
King Power founder Vichai Srivaddhanaprabha led a consortium that bought Leicester City in 2010, and it was under his ownership that the Foxes secured their Premier League title in 2016.
AOT, which runs Thailand’s biggest international airports, said it would consider its options within 60 days, and will discuss with King Power for fastest possible conclusion.
King Power could not be reached for comment.
Source: CNA
