China Duty Free Group (CDFG) President Charles Chen has also been named President and a Board Director of the travel retailer’s parent company China International Travel Service (CITS), The Moodie Davitt Report revealed.
The appointment – and Chen’s dual status across both organisations – represents noteworthy high-level recognition for the CDFG President who has transformed its fortunes since he assumed the leadership role in 2016.
When Chen, a youthful company veteran who joined CDFG in 1987, took over the President’s role in 2016, group turnover was just RMB10 billion (less than US$1.5 billion).
With its Hainan offshore duty free business booming, and rapid expansion elsewhere, the retailer is on track to hit revenues of RMB45 billion (US$6.5 billion) in 2019, according to Moodie Davitt Business Intelligence Service numbers.
That is up from RMB34.5 billion in 2018, itself more than double the previous year (including figures from Sunrise Duty Free).
This year has seen a flurry of openings, including the recent inauguration of a 513sq m downtown duty free store in Beijing at the Blue Harbor shopping centre; the unveiling of a refurbished 500sq m downtown shop in Dalian; and other new downtown stores in Xiamen, Qingdao, Shanghai and Hong Kong.
Additionally, CDFG is preparing to unveil an expansive retail offer at the new Beijing Daxing International Airport and is mounting an ambitious refurbishment of its Beijing Capital International Airport Terminal 3 stores.