In a press release issued on Tuesday, June 23, Swiss duty-free retailer Avolta announced the acquisition of LVMH’s DFS stores located on the island of Okinawa, Japan.
A major deal. On Tuesday, June 23, Avolta, the airport retail specialist, announced in a press release that it is set to acquire the DFS stores located on the island of Okinawa, Japan, from luxury giant LVMH. While the amount of the transaction was not disclosed, it is expected to be completed in the third quarter of 2026.
DFS, majority-owned by LVMH, operates stores at Naha Airport, located in the southeastern part of Okinawa Island. It also operates downtown stores under a lease agreement lasting more than 10 years. According to Avolta’s press release, DFS’s sales in this area are expected to account for approximately 10% of its revenue in the Asia-Pacific region.
As reported by the trade press, LVMH’s selective retail operations (DFS, Sephora, and Le Bon Marché) generated revenue of 18.35 billion euros in 2025, including approximately 1 billion euros in Japan. The Asian market generated a total of approximately 11 billion euros.
Numerous Opportunities
Founded in 1933 for military purposes, Naha is now Japan’s sixth-busiest airport, handling 20 million passengers annually. It serves domestic destinations such as Tokyo and Osaka, as well as international destinations like Seoul, Beijing, and Bangkok, offering Avolta a significant window into the market.
Last January, during the Okinawan tourism sector’s New Year gathering, industry leaders celebrated an increase in the number of visitors to the island. For the 2025 fiscal year, the figure had nearly reached 10 million by November. These statistics are expected to grow further, according to the head of the local tourism office, Azuma Yoshikazu.
Avolta is also experiencing growth. The duty-free retailer reported a 2.0% increase in core revenue to approximately 13.7 billion francs. Its organic growth reached 5.5%, according to a company press release from last March.
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Featured picture : © Paul Zoetemeijer / UNSPLASH
