Freshfields advised LVMH on the sale of DFS’s Greater China travel retail business to CTG Duty-Free, strengthening the latter's market position in luxury retail.

Information on the Target

Freshfields Bruckhaus Deringer LLP has recently advised LVMH Moët Hennessy Louis Vuitton SE on its strategic transaction involving the sale of DFS’s Greater China travel retail business to China Tourism Group Duty Free Corporation Limited (CTG Duty-Free). Established in 1960, DFS is a prominent player in luxury travel retail and is wholly owned by LVMH, with Robert Miller as its co-founder and principal shareholder. Through this sale, CTG Duty-Free will acquire DFS retail stores located in Hong Kong and Macau, along with intangible assets related to DFS brands specifically for the Greater China region.

This deal not only facilitates the expansion of CTG Duty-Free's presence but also allows for further investment into luxury retail capabilities in the region. The transaction remains subject to customary closing conditions that align with typical corporate mergers and acquisitions.

Industry Overview in Greater China

The travel retail industry in Greater China has experienced significant growth over the past decade, driven primarily by the increasing spending power of Chinese consumers both domestically and abroad. As the world’s largest travel retail market, Greater China sees exp