Major duty-free shop will welcome new luxury brandsOne major duty-free shop in Korea, Shilla I’Park Duty Free Shop, will be welcoming 20 brands from LVMH Moet Hennessy Louis Vuitton, the world’s leading luxury products group, the company said Tuesday.
Located in Yongsan District, the shop is jointly run by duty-free operator Hotel Shilla and builder Hyundai Development Company.
The main contributor to the deal is Hotel Shilla CEO Lee Boo-jin, who recently met with the head of LVMH, Bernard Arnault, to secure the business agreement when he visited Korea for a conference last month.
In the Korean duty-free industry, which is highly oriented to Chinese tourists, luxury brands like Louis Vuitton are not considered to play a crucial role in determining revenue.
However, attracting a luxury brand is considered a key symbol of each duty-free chain’s influence and power in the market. Shinsegae’s duty-free shop, which is also slated to open by end of this month, is known to have succeeded in attracting a number of luxury brands, including Gucci and Saint Laurent.
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