The LVMH group’s travel retail brand has signed an agreement with CTG Duty-Free, the largest player in the sector in China, to sell all of its activities in Greater China. The two partners have also announced a “strategic cooperation, particularly in the retail sector.”
LVMH is divesting itself of its Duty Free business in the Chinese market.
The world’s leading luxury goods company announced on Monday that it had reached a definitive agreement to sell its Duty Free Shops (DFS) business in Greater China to China Tourism Group (CTG) Duty-Free. Based in Beijing and controlled by the Chinese state, CTG is the largest player in travel retail in China, with sales of approximately $7.8 billion in 2024.
Greater China
For its part, DFS is the world leader in luxury travel retail, majority-owned since 1997 by LVMH and Robert Miller, co-founder (in 1960) and still a (minority) shareholder. The group notes that “following this transaction,” it “will continue to operate its other luxury retail businesses around the world.”
Discover our plans Subscribe for 1€ Become an active member of the community of luxury leaders.
Read also > DFS to close its Fondaco dei Tedeschi in Venice
Featured photo: © Unsplash
