THE WHAT? The Shilla Duty Free is resurrecting plans to expand international that were put on hold during the pandemic, according to a report published by TR Business. The South Korean firm has its eye on strategic locations across the Americas and Europe.
THE DETAILS Shilla purchased a 44 percent stake in 3Sixty Duty Free back in 2019 and is now mulling the possibility of upping its stake, per TR Business, as part of its overseas expansion plans.
THE WHY? Younghoon Kim, Executive Vice President, The Shilla Duty Free, told TR Business that further overseas expansion would complement its existing Chinese stores. With travel retail recovery in full swing in these regions, but nascent in China due to an extended period of COVID-related travel restrictions, it’s no wonder the travel retail operator is looking to diversify.