Global Blue

Global Blue
Company typePublic Company
NYSE: GB
Founded1980; 45 years ago (1980)
FoundersAlf Näslund
Headquarters
Eysins
,
Switzerland
Area served
Worldwide
Key people
Christian Lucas (Chairman), Jacques Stern (CEO)
ProductsVAT/GST refunds, dynamic currency conversion, POS and retail technologies, customer intelligence, marketing services and publications, training and education, consultancy
Number of employees
+2,100 (2023)
Websitewww.globalblue.com

Global Blue is a tourism shopping tax refund company headquartered in Nyon, Switzerland. The company is best known for tax-free shopping,[1] a VAT/GST refund product and also operates in dynamic currency conversion, marketing services, point-of-sale technology, retail staff education, and customer intelligence. It is the industry leader for providing tax refunds.

As of 2014, some 130 countries levy VAT/GST,[2] about 50 offer to refund VAT/GST to tourists for private exports.

History

Started in Sweden in 1980, tax-free shopping is about refunding the VAT/GST levied in normal stores on the high street to non-resident visitors who will privately export the goods purchased, according to the legislation in the European Union[3] and other countries.

Founded as Sweden Tax Free Shopping, the company later became Europe Tax Free Shopping and then Global Refund in 1998. The company was bought out by its management in partnership with Apax Partners, which took a majority stake, and FEXCO for £118 million in 1999.[4]

In 2007, Apax sold the company to Equistone Partners Europe (at the time Barclays Private Equity), which valued the company at €360 million.[5][6] Previously operating the two brands Tax Free Shopping and First Currency Choice, Global Refund completed its repositioning, product diversification and rebranding as Global Blue in 2010.[7]

Equistone Partners sold the business in May 2012, for 1 billion euros to the technology private equity firm Silver Lake, with Swiss private equity house Partners Group taking a minority stake.[8][9] On 10 April 2014 Global Blue announced the appointment of David Baxby as chief executive officer and a member of the board of directors, taking over from Per Setterberg, who had run the company for 25 years.[10] Following David Baxby a new CEO, Jaques Stern, has been announced on 18 May 2015.[11]

In 2010, Global Blue and the Economist Intelligence Unit started to use the expression 'globe shopper' to identify the market segment of "people who consider shopping as a fundamental part of their travel experience".[12] Global Blue Intelligence's globe shopping data and publications are referenced by international and national media including the Financial Times,[13] The Wall Street Journal,[14] City A.M.,[15] the Moodie Report,[16] China Confidential[17] and The Hurun Wealth Report.[18]

In 2010, the Inland Revenue Authority of Singapore commissioned Global Blue to develop and operate Singapore's Electronic Tourist Refund Scheme.[19] In 2011, the Australian Customs and Border Protection Service selected Global Blue as the payment supplier for tax-free shopping in Australia.[20] In July 2013, Global Blue announced a joint venture with NTT DATA to offer tax-free shopping services in Japan.[21] Global Blue is also a certified supplier of the China National Tourism Administration (CNTA) Quality Service Certification programme.[22]

Operations

Global Blue employs around 2,100 people in 53 countries, and provides services to approximately 300,000 merchants (retailers, hotels, restaurants, etc.), and banks in these locations.[23]

References

  1. ^ "Silver Lake in €1bn Global Blue deal". Financial Times. May 24, 2012. Archived from the original on December 16, 2017. Retrieved September 9, 2013.
  2. ^ "Tax rates". Archived from the original on August 25, 2013.
  3. ^ "Travellers leaving the EU VAT export refund scheme". European Commission. Archived from the original on June 11, 2014. Retrieved June 9, 2014.
  4. ^ "Fexco and Apax join forces in takeover of Global Refund". The Irish Times. August 25, 1999.
  5. ^ "Barclays backs Global Refund MBO". Growth Business UK. October 12, 2007. Archived from the original on July 14, 2014. Retrieved September 9, 2013.
  6. ^ "Apax Partners sells Global Refund to Barclays Private Equity". August 7, 2007. Archived from the original on December 16, 2017. Retrieved December 15, 2017.
  7. ^ "Transform Awards 2012 Announce Winners". Real Wire. March 27, 2012. Archived from the original on July 14, 2014. Retrieved September 9, 2013.
  8. ^ "Silver Lake to Buy Equistone's Global Blue for $1.3 Billion". Bloomberg. May 25, 2012. Archived from the original on 2014-02-22. Retrieved 2017-03-07.
  9. ^ Waters, Richard (2012-05-24). "Silver Lake in €1bn Global Blue deal". FT.com. Archived from the original on 2017-12-16. Retrieved 2014-06-09.
  10. ^ "Global Blue, Leading Provider of Traveler Commerce Technology Solutions, Names David Baxby as CEO". April 10, 2014. Archived from the original on April 13, 2014. Retrieved April 10, 2014.
  11. ^ "Global Blue Announces Jacques Stern as Chief Executive Officer". May 18, 2015. Archived from the original on July 22, 2015. Retrieved July 20, 2015.
  12. ^ HKTOct 26, 2012 (2012-10-26). "Hong Kong Tops Asia's Shopping Destinations - Scene Asia - WSJ". Blogs.wsj.com. Archived from the original on 2014-10-01. Retrieved 2014-06-09.{{cite web}}: CS1 maint: numeric names: authors list (link)
  13. ^ "Simplify visas for Chinese, urge UK retailers". Financial Times. 30 January 2011. Archived from the original on 2 February 2016. Retrieved 6 May 2011.
  14. ^ Masidlover, Nadya (2013-07-24). "Chinese Shopping-Tour Buses Go Out of Fashion in Paris - WSJ". Online.wsj.com. Archived from the original on 2015-05-29. Retrieved 2014-06-09.
  15. ^ "Chinese luxury spenders keep UK tills ringing". City A.M. April 30, 2012. Archived from the original on June 30, 2012. Retrieved September 9, 2013.
  16. ^ "Chinese dominate tourism spending in 2012, reports Global Blue". TheMoodieReport.com. Archived from the original on 2014-07-14. Retrieved 2014-06-09.
  17. ^ "Chinese shoppers go on overseas spending spree". China Confidential. 18 November 2010. Archived from the original on 10 April 2011. Retrieved 16 April 2011.
  18. ^ "The Hurun Report". Archived from the original on 2011-06-30. Retrieved 2011-07-08.
  19. ^ "Tourists can look forward to hassle-free GST refunds". SG Press Centre. December 1, 2010. Archived from the original on October 6, 2011. Retrieved July 8, 2011.
  20. ^ "Global Blue named exclusive payment supplier for tax free shopping". Global Blue. March 21, 2011. Archived from the original on July 12, 2011. Retrieved July 8, 2011.
  21. ^ Global Blue July 10, 2013 4:30 AM (2013-07-10). "Global Blue and NTT DATA form Joint Venture to Offer Tax Refund Services in Japan - Yahoo Finance". Finance.yahoo.com. Retrieved 2014-06-09.{{cite web}}: CS1 maint: numeric names: authors list (link)
  22. ^ http://www.qualitytourism.cn/ Archived 2011-09-05 at the Wayback Machine China Outbound Tourism Quality Service Certification
  23. ^ "Global Blue releases the Globe Shopper Report: China Edition | Business - Global Blue". corporate.globalblue.com. Archived from the original on 2016-10-25. Retrieved 2016-10-26.