China Duty Free Group plans to acquire DFS Greater China's tourism retail business for up to $395 million.

On January 20th, China International Duty Free (CIDF) announced that its wholly-owned subsidiary, China International Import Company Limited, has signed a framework agreement with DFS Venture Singapore Limited, DFS Group Limited, and the Miller family (ultimate owners) to acquire DFS Greater China's travel retail business assets and equity for a cash amount not exceeding 3.95 billion US dollars. This includes the 100% equity of DFS Cotai Limitada held by DFS Singapore and DFS Hong Kong, as well as the assets of two stores owned by DFS Hong Kong, and intangible assets of DFS Greater China. At the same time, China International Duty Free has signed a strategic cooperation memorandum with LVMH Group, aiming to establish a cooperative relationship in the retail field where their strategies align. This cooperation will allow China International Duty Free and LVMH Group to deepen their cooperation in the Greater China region, achieving mutual benefits through their respective advantages. Both parties will collaborate in areas such as product sales, store opening, brand promotion, cultural exchange, tourism services, and customer experience. The completion of this transaction is subject to customary closing conditions, and it is expected to be completed in approximately two months. China International Duty Free will further expand its service network, creating a platform for Chinese culture to go global and an international business center, continuously providing high-quality travel retail experiences for both domestic and foreign tourists.