3Sixty flying high
Major investment announced just 12 months after award-winning rebrand
Congratulations to our clients at 3Sixty Duty Free, who have just announced news of significant investment from Hotel Shilla, the Korean-based operating company behind the world’s third largest travel retailer.
It’s been announced that Hotel Shilla will subscribe to 44% of the share capital of 3Sixty Holding LLC.
According to industry experts, The Moodie Davitt Report, the deal could be worth upwards of US$140 million – a great return for a company founded in 1987, reportedly with just US$35,000 of start-up capital.
This mutually beneficial new partnership will allow Shilla to develop its business in the Americas, while adding significant bargaining power to 3Sixty’s hand when competing for concessions in the region. 3Sixty founder Benny Klepach said, “With Shilla in our shareholding structure we can compete successfully for every airport opportunity in the Americas.”
Both partners bring technical expertise to the table and are well aligned in their vision for a digital future for the sector.
When the deal was announced, Shilla Travel Retail President Ingyu Han stated, “3Sixty’s continued commitment to its strategic approach and its latest accomplishments, together with the expertise and enthusiasm we found in the 3Sixty management team, gave us the trust to eventually finalise this important expansion for our company.”
It’s worth considering that this deal has been in the pipeline for some years, with previous negotiations breaking down by mutual agreement in 2017.
Fast forward two years, and with an ambitious new digital strategy, a dynamic new management team and an award-winning new corporate identity, it’s a different story.
The change in direction was thanks to Benny Klepach recognising the time was right to disrupt traditional duty free models and now the business is looking upwards and outwards – in fact 360 degrees.
Our job was to translate his vision into a new name and brand identity that would reflect the organisation’s changed ambitions and values, both internally and to a B2B and consumer audience.
And so DFASS (Duty Free Air and Ship Supply) became 3Sixty Duty Free & More, a name that showed the business was constantly evolving and improving, looking for opportunities, and open to an exciting future without boundaries.
Watch this space, exciting times ahead for the 3Sixty team and a great example of the power of the rebrand.