LVMH’s DFS has reached an agreement to divest its travel retail operations in Greater China to China Tourism Group Duty Free (CTG Duty-Free). CTG Duty-Free will assume control of DFS’ travel retail locations in Hong Kong and Macau, together with associated intangible assets. The acquisition will be executed through China Duty Free International Limited, CTG Duty-Free’s wholly owned subsidiary, and completed in cash with closing anticipated in roughly two months. DFS will continue to operate its luxury travel retail activities outside of Greater China. In a separate arrangement, LVMH and the Miller Family will subscribe to newly issued H-shares in CTG Duty-Free.

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