China Tourism Group Duty Free Buys DFS' Greater China Retail Business [Yahoo! Finance]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance
Monday said it has agreed to buy DFS's travel retail business in Greater China in cash from its current owners LVMH Moët Hennessy Louis Vuitton and its cofounder, Robert Miller. According to the agreement — through its wholly owned subsidiary China Duty Free International Ltd. — CTG Duty-Free will gain control of DFS retail stores in Hong Kong and Macao — excluding the City of Dreams store in Macao — and intangible assets of a series of DFS brands and intellectual properties for exclusive use in Greater China. More from WWD 18 Months Later, GQ China Relaunches Without Top Editor in Charge EXCLUSIVE: Miu Miu Creates Brutalist Dreamscape in Hangzhou for Chinese New Year From Scholarly Stones to Ghesquière Design: Inside Louis Vuitton's Sanlitun Flagship in Beijing The deal is expected to be completed in the next two months, subject to customary closing conditions. As part of the move, LVMH and the Miller family will participate in a capital increase of CTG DutyFree by subs
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