Overview
- CTG Duty-Free will take over DFS stores in Hong Kong and Macao, excluding the City of Dreams location, and gain exclusive use of certain DFS brands and intellectual property in Greater China.
- The transaction, executed via China Duty Free International Ltd., is slated to close in about two months subject to customary conditions.
- LVMH and DFS cofounder Robert Miller will subscribe to newly issued CTG H-shares at completion using a small portion of the sale proceeds.
- CTG Duty-Free and LVMH signed a memorandum of understanding to pursue strategic cooperation in retail, while DFS will continue operating outside Greater China.
- CTG cites expansion across the Greater Bay Area and upcoming Hainan openings, including DFS Yalong Bay and CTG’s Haitang Bay complex with Swire, as complementary to the deal.