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Biz News Korea(Eng)
Korea’s Hotel Shilla wins Hong Kong Airport duty-free license
- Collected
- 2017.04.06
- Distributed
- 2017.04.07
- Source
- Go Direct
The license grants Hotel Shilla to run perfumes & cosmetics & fashion accessories concessions at the Hong Kong International Airport, where 7.05 million travelers passed through last year alone, until September 2024. The business would be ready by the end of the year.
At 2:10 p.m. in Seoul trading Thursday, shares of Hotel Shilla were up 1.5 percent at 47,700 won.
The award follows a competitive auction that attracted major travel retailers across the world including Lotte Duty Free, Korea’s largest and world’s third largest travel retailer. Hotel Shilla claimed that its offering of a wide selection of beauty and fashion items as well as design on tech-savvy shops had been its winning strategy.
Hotel Shilla has worked on expanding its global presence since 2011, and the duty-free operation in Hong Kong international airport will help it generate 1 trillion won ($883 million) or more in sales from overseas operations, said a Hotel Shilla officer. The travel retailer earned 500 billion won in overseas sales last year. It currently runs duty-free shops in air gateways at Incheon, near Seoul, and Singapore.
By Sohn Il-seon
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