LVMH’s DFS Group Sells Hong Kong, Macau Stores—and Scraps Key Hainan Project [Forbes]
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Source: Forbes
Luxury travel retailer DFS Group's disposals have been steadily shrinking the company's presence—and relevance—in the global duty-free and travel retail channel it once dominated. Today, one of the most prominent of these deals was announced, with the majority LVMH-owned company agreeing the sale of its Greater China business to China Tourism Group Duty Free (CTG Duty Free). The retailer has also decided to scrap its ambitious shopping and entertainment infrastructure project in Yalong Bay in Hainan, a popular duty-free province. A spokesperson told Forbes.com: “DFS has been reassessing our plans for Yalong Bay. With this latest transaction to sell our Hong Kong and Macau business, we can confirm DFS will not be proceeding with the Yalong Bay project. We thank Shenya for their collaborative partnership.” Shenya Group is a regional Chinese real estate developer. DFS has pulled out of the large-scale Yalong Bay retail development in Hainan. DFS Group The Hong Kong and Macau sal
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