Major duty-free shop will welcome new luxury brands
Published: 03 May. 2016, 20:12
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.
with the Korea JoongAng Daily
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