Shilla I’Park Duty Free, the joint venture between Samsung and Hyundai Development Company, has achieved an important brand breakthrough by securing an agreement with luxury goods giant LVMH Moët Hennessy Louis Vuitton to sell Louis Vuitton and other group labels.
A spokesman for The Shilla Duty Free told The Moodie Davitt Report: “I can confirm that HDC Shilla and LVMH agree to open Louis Vuitton and others in Shilla I’Park Duty Free in Yongsan.
According to a report in The Korea Herald, other brands to be covered by the agreement include Dior, Bvlgari, Tag Heuer, Givenchy and Marc Jacobs.
Landing the rights to the Louis Vuitton brand in particular is a vital boost for the world’s biggest duty free store, opened last December. The joint venture company projects that the 27,500sq m store will generate sales of US$700 million this year but for such ambitious targets to be met, stocking the most desirable brands is crucial.
(Source: The Moodie Report)