Shilla Duty Free Setting Sights on China | Be Korea-savvy

Shilla Duty Free Setting Sights on China


Shilla Duty Free's store in Seoul (Yonhap)

Shilla Duty Free’s store in Seoul (Yonhap)

SEOUL, July 22 (Korea Bizwire)Shilla Duty Free, South Korea’s leading duty-free operator, said Thursday it will make inroads into China through a partnership with a Chinese industry player.

Shilla Duty Free said it has signed a memorandum of understanding on a strategic partnership with Hainan Tourism Duty Free City based in the southern Chinese island of Hainan.

Established as a subsidiary of Hainan Tourism Investment Development Co. last year, the 95,000-square-meter Hainan Tourism Duty Free City is deemed as a must-go site for tourists and carries some 500 brands.

Shilla Duty Free said both companies will seek to set up a joint venture and cooperate in all fields of duty-free business, including sourcing and market exploration, through the MOU.

The move comes as Shilla Duty Free opened a store in Changi Airport in Singapore in 2013.

A Shilla Duty Free official said the company will make full-fledged efforts to tap into overseas markets and diversify business.

(Yonhap)

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