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LVMH Sells Greater China Retail Business of Its DFS Group to CTG

The luxury conglomerate has agreed to sell its travel retail business in Hong Kong and Macau.
LVMH's first Watch Week took place between New York and Paris.
China Tourism Group Duty Free (CTG Duty-Free) will acquire DFS’ stores in Hong Kong and Macau and intangible assets in Greater China. (Getty Images)
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French luxury group LVMH said on Monday that it has agreed to sell its DFS travel retail business in Hong Kong and Macau, as well as its intangible assets in greater China to China Tourism Group Duty Free Corp, a Chinese travel retail operator.

The deal was valued at around $395 million.

By Louise Rasmussen

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Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guaranteeing BoF’s complete editorial independence.

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