LVMH sells its travel retail business (DFS) in China

LVMH announced on Monday the sale of its Duty Free Shops (DFS) business in China to CTG Duty-Free, a major travel retail operator headquartered in Beijing.

“As part of this transaction, CTG Duty-Free will acquire the DFS stores located in Hong Kong and Macau, as well as intangible assets including a portfolio of DFS brands and intellectual property rights for exclusive use in Greater China,” according to a statement from the luxury group.

DFS, a company specialising in the sale of luxury goods to international travellers, is owned by LVMH and co-founder Robert Miller.

It was also noted that CTG Duty-Free and LVMH will develop new collaborations. “The sale of our Hong Kong and Macau stores marks an important milestone for DFS,” said Ed Brennan, CEO of DFS, in the statement.

“Looking ahead, we see China Tourism Group Duty Free as the ideal partner to operate the DFS business in Hong Kong and Macau and to support it in its next chapter,” added Michael Schriver, president of LVMH for North Asia, also quoted in the statement.

LVMH does not detail the turnover of DFS, which is part of the group's “selective retailing” division alongside Sephora, La Samaritaine and Le Bon Marché.

A note from HSBC bank values DFS at 1.2 billion euros (1.40 billion dollars).

In 2025, DFS closed its department store located in the heart of Venice in a historic palace due to economic difficulties. LVMH also separated its Parisian store La Samaritaine from DFS, merging it with its other Parisian store, Le Bon Marché.

In the first nine months of 2025, sales in the Selective Retailing division remained stable at 15.56 billion euros, driven by a “remarkable performance” from Sephora.

This article was translated to English using an AI tool.

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