LVMH’s travel retail arm DFS has agreed to sell its Greater China retail business in Hong Kong and Macau to China Tourism Group Duty Free, marking a significant reshaping of the region’s luxury travel retail landscape.

Under the definitive agreement, CTG Duty-Free will acquire DFS’ retail stores in Hong Kong and Macau, along with selected DFS brands and intellectual property for exclusive use in Greater China. The transaction will be executed through CTG Duty-Free’s wholly owned subsidiary, China Duty Free International Limited, with proceeds paid in cash. Following the sale, DFS will continue to operate its travel retail business in other global markets.

Alongside the divestment, LVMH and the Miller family will reinvest a portion of the proceeds by subscribing to newly issued H-shares of CTG Duty-Free in Hong Kong. The parties have also signed a memorandum of understanding to pursue strategic cooperation in retail and related areas across Greater China, including store development, brand promotion, and customer experience initiatives. The transaction is subject to customary closing conditions and is expected to complete in around two months.

Source: LVMH press release, January 19, 2026