South Korean travel retailer The Shilla Duty Free is targeting expansion in strategic locations across the Americas and Europe.
Speaking to TRBusiness, Younghoon Kim, Executive Vice President, The Shilla Duty Free, says plans to expand overseas had been “halted” due to the pandemic, but now such a move would be a possibility and complement Shilla’s existing Chinese customer-orientated Asian operations.
“In line with this, we have invested in 3Sixty Duty Free,” said Kim. “There are plans internally to review the possibility of increasing Shilla’s stake.”
As reported, Shilla acquired a 44% shareholding in 3Sixty Duty Free in 2019. Under the terms of the acquisition then, both parties would have additional rights in five years. TRBusiness has reached out to 3Sixty Duty Free for comment.
Profitability is also a key focus for the year ahead. “We are doing our best to improve profitability and expect to experience positive results moving forward,” continued Kim.
As reported, The Shilla Duty Free was among the main victors of the general enterprise concessions in Incheon International Airport Corporation’s duty free tender in April.
The travel retailer is set to operate perfume, cosmetics and liquor & tobacco concessions and a fashion, accessories and boutique lease.