LVMH announced on Monday, January 19, the sale of its Duty Free Shops (DFS) business in China to CTG Duty-Free, a major travel retail operator based in Beijing.
“Through this transaction, CTG Duty-Free will acquire the DFS retail stores in Hong Kong and Macau as well as intangible assets encompassing a series of DFS brands and intellectual properties for exclusive use in Greater China,” said the luxury group in a statement.
DFS, a company specializing in the sale of luxury goods to international travelers, is owned by LVMH and co-founder Robert Miller. CTG Duty-Free and LVMH will develop new collaborations, the statement said.
“The sale of our Hong Kong and Macau stores marks an important step for DFS,” said Ed Brennan, CEO of DFS, in the statement.
“As we look to the future, we consider China Tourism Group Duty Free to be the ideal partner to operate the DFS business in Hong Kong and Macau and to lead it into its next chapter,” added Michael Schriver, LVMH President for North Asia, also quoted in the statement.
LVMH does not disclose the revenue of DFS, which belongs to the group’s “selective distribution” division along with Sephora, La Samaritaine, and Le Bon Marché.
A note from HSBC values DFS at EUR 1.2 billion.
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 to join it with its other Parisian store, Le Bon Marché.
In the first nine months of 2025, sales in the Selective Retailing division were stable at EUR 15.56 billion, driven by Sephora’s “remarkable performance.”
