87 206
Fashion Jobs
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · CLERMONT
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · DACULA
KOHLS
Technical Project Manager, Remote
Permanent · MENOMONEE FALLS
NAVY EXCHANGE
Vending Operations Clerk PT
Permanent · FALLON
NAVY EXCHANGE
Director, Facility Design %26 Construction
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i And Level II) - Various Categories
Permanent · VIRGINIA BEACH
SPECIALIZED
Brand Development Manager - Michigan
Permanent · LANSING
ECCO
Third Keyholder
Permanent · ELIZABETH
ECCO
Third Keyholder
Permanent · LAS VEGAS
ECCO
Sales Manager - National Accounts (Remote)
Permanent · LONDONDERRY
ECCO
Third Keyholder
Permanent · ROSEMONT
LULULEMON
Community Specialist | Summit, Springfield Ave
Permanent · SUMMIT
LULULEMON
Expeditor | Cherry Creek
Permanent · DENVER
LULULEMON
Community Specialist | Friendly Center
Permanent · GREENSBORO
NORDSTROM
Customer Service Representative - Hillsdale Shopping Center
Permanent · SAN MATEO
NORDSTROM
Retail Stock - Mercer Mall Rack
Permanent · LAWRENCE TOWNSHIP
NORDSTROM
Manager- Service Experience- Baton Rouge Mall Rack
Permanent · BATON ROUGE
NORDSTROM
Retail Stock - Sugar House Rack
Permanent · SALT LAKE CITY
NORDSTROM
Asset Protection - Agent - Aventura
Permanent · AVENTURA
NORDSTROM
Retail Stock - Northwoods Rack
Permanent · SAN ANTONIO
NEIMAN MARCUS
Business Manager Tom Ford, Beauty (PT, 35 Hours) - FT. Worth
Permanent · FORT WORTH
NEIMAN MARCUS
Sales Manager, Designer Rtw
Permanent · CORAL GABLES
By
Reuters
Published
Mar 24, 2015
Reading time
2 minutes
Download
Download the article
Print
Text size

South Korea's Hotel Shilla to buy stake in US duty-free firm

By
Reuters
Published
Mar 24, 2015

Hotel Shilla Co Ltd said it would buy a 44 percent stake in U.S. in-flight duty free retailer DFASS for $105 million, the latest push abroad by a South Korean duty free store operator amid intensifying competition at home.

Shilla, a hotel and retail unit of Samsung Group and the world's No.7 duty free retailer by revenue, has an option to buy an additional 36 percent of DFASS in five years, it said in a statement.

Miami-based DFASS operates more than 25 duty free shops in the United States, Latin America and the Caribbean as well as in-flight duty free services, according to its website.

DFASS reported sales of $518 million in 2014, Hotel Shilla said.

It is Shilla's first retail asset in the United States. It also has a U.S. travel unit as well as duty free shops in Singapore and Macau.

South Korean duty free operators have flourished in tandem with growth in the domestic duty free market - the world's biggest with 8.3 trillion won ($7.5 billion) in 2014 sales and which continues to have a rosy outlook due to a surge in Chinese tourists.

But fierce competition between Shilla and larger local rival Lotte Duty Free, part of Lotte Shopping, as well as the South Korean government's policy of earmarking some new licenses for smaller firms, has led both to seek expansion abroad.

Lotte has been bidding for new licenses in overseas airports and has opened shops in Jakarta, Singapore, Guam and Osaka.

Lotte Duty Free remains interested in the possible acquisition of Italy's World Duty Free SpA, a Lotte spokesman said on Monday, without elaborating.

© Thomson Reuters 2024 All rights reserved.