Samsung cousins neck and neck in luxury duty-free biz

By 황유미

Published : Aug. 12, 2016 - 15:25

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[THE INVESTOR] Shinsegae Duty Free store has succeeded in bringing in Louis Vuitton, one of the most coveted luxury brands, according to industry sources on Aug. 12.

“Louis Vuitton will open a boutique in Shinseage Duty Free’s fashion luxury zone in April 2017,” said a company official following negotiations with the Louis Vuitton Moet Hennesy Group.

This is the second Louis Vuitton store slated to open at a downtown duty-free store recently granted license. Along with Chanel and Hermes, the French brand has been sought after by all the duty-free stores but only Shilla’s I’Park branch could succeed in inking a deal.

Shinsegae’s department store President Chung Yoo-kyung(left) and Hotel Shilla CEO Lee Boo-jin.

Shinsegae’s department store President Chung Yoo-kyung, Shinsegae Group chairman Chung Yong-jin 's younger sister, personally headed negotiations with LVMH, arranging a meet with its Chairman and CEO Bernard Arnault in April.

Based on her know-how in running the major department store chain, she has been successfully overseeing the launch of the relatively new duty-free business, adding a number of prestigious brands to the list.

Shisegae duty free store in Southern Seoul. The Investor

Watchmakers Piaget, Jaeger Le-Coulture and Blanpain have already opened their boutiques at Shinsegae and later this year jewelers Tiffany, Bvlgari and Cartier as well as fashion big names such as Fendi, Bottega Veneta and Moncler will join.

In two months since its opening, Shinsegae is posting over 800 million won (US$726,150) in daily turnover, threatening to become a rival to established duty-free business operators including Shilla, headed by Lee Boo-jin.

Lee is her cousin and a younger sister of Samsung Electronics vice chairman Lee Jae-yong.

By Hwang You-mee (glamazon@heraldcorp.com)

Samsung cousins neck and neck in luxury duty-free biz

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