Istanbul Airport is still a GEBR sales driver. Heinemann and his partner.
Gebr. Heinemann
GEBR is a global travel retailer based in Germany. Heinemann has opened markets in the Middle East/Africa and India, and in 2024 saw a reshaping of geographical revenues, reaching 4.3 billion euros ($4.8 billion). This was the first time in the company's 145-year history that it exceeded 4 billion euros.
The only family-owned retailer among the leading global players in the tax-free industry announced its 2024 results on Friday morning. They showed sales surged 21% in the year that signaled entry into new markets after the company bids in India and Iceland and elsewhere.
Growth was superior to its European rivals. Aer Rianta International achieved 13% in managed revenue last year, reaching 1.4 billion euros ($1.6 billion), while its massive competitors Avolta and Lagardère Travel Retail reached 6.4% and 12.5% (similar) respectively.
Raul Spanger, co-CEO of the company alongside Max Heineman, a member of the fifth generation family, described the results as “very satisfying,” explaining the results, “some successes will continue to shape our future growth. These include the start of operations at Jeddah Airport in Saudi Arabia, the country's first cruise ship, both in the country's first cruise ship, our retail business, both in the country's first cruise ship, in the country's first cruise ship, in our retail business.”
Noida is the Greenfield Airport, which is currently under construction by a subsidiary of Zurich Airport, Switzerland, through public-private partnerships. It was set to open this month, but it's late. The Gateway could ultimately become a substantial contributor to Heinemann's financial resources, as it plans to take up capacity to 70 million passengers in the fourth phase.
“India is an emerging market for travel retail and we see Indian consumers gaining momentum everywhere in their entire customer portfolio,” Spanga said. According to Singapore-based consultant YCP Auctus, India's outbound departure is projected to grow to 52 million by 2029, with a CAGR of 11.5%.
In 2024, the revenue share in Heinemann's major European regions fell from 59% to 56%, while the Middle East/Africa (including Turkey) rose from 31% to 33%. This was due to the strength of the Middle East rather than the inherent weakness of Europe, but the region could be a hit this year as Heinemann leaves the retail joint venture at Amsterdam's Schiphol airport this month and handed over to Lagardele Travel retailer.
Raul Spangah: “We secured the winning bids at Noida Airport in India and Keflavik Airport in Iceland. … more
Gebr. Heinemann
Meanwhile, the Asia-Pacific region rose 1% to 9%, but retailers have now cut their investments.
Heinemann has faith in a new market
This left the door open for the Middle East to take up slack. Last year, Turkey's Istanbul and Israel's Ben Gurion airport were the top two gateways for sales, followed by Oslo, Frankfurt and Sydney airports.
Heinemann operates in a joint venture between Unifary Duty Free and ATU Tax-Free at Istanbul Airport, and the location was an important growth engine. The company expanded in Turkey by winning bids for Antalya Airport through ATU tax exemption.
Spanger said: “We believe there is potential for additional opportunities for this region. To get closer to the market and customers, we will continue to strengthen our team by promoting our Dubai office, which has been operating since 2023, to regional headquarters position.”
Bernard Schlafstein was promoted from Heinemann Regional Sales Director to CEO last month, with a new logistics hub opening in Istanbul in 2026. Approximately 33% of the company's integrated revenue lies in the distribution side of the business with its historic roots.
These moves send strong signals to partners and customers of Heinemann in the Middle East, known for its luxury airport retailing in places like Skatar's Hamad Airport. This is the third winner of Skytrax's World Best Airport Shopping Award and is Dubai's tax-free.
Family ties have been strengthened in Heinemann
GEBR celebrated its 145th anniversary in November 2024. Heinemann added a second member of the fifth generation to the business: co-CEO cousin Clara Heinemann. “She is currently actively involved in the company. We have been thinking for generations and we believe our employees and partners can expect that,” Max Heinemann said.
As Senior Project Manager in Commercial Effects, Clara Heinemann leads the Data-Driven Global Assortment Project to more effectively define and manage product categories.
