LVMH's Duty-Free Business DFS Sells Hong Kong, Macau Stores to China Tourism Group

By Joshua Kirby

LVMH said it reached a deal to sell its duty-free retail business in Greater China to a local operator for an undisclosed sum.

The French luxury-goods conglomerate said Monday that its DFS duty-free arm had agreed to sell the business's retail stores in Hong Kong and Macau to China Tourism Group Duty Free, a Beijing-based state-controlled rival, alongside intangible assets in Greater China.

LVMH acquired a majority stake in DFS in the 1990s for around $2.5 billion, with founder Robert Miller keeping a share in the business.

LVMH and the Miller family will in turn participate in a capital increase at CTG Duty-Free, subscribing to newly issued Hong Kong-listed shares, the company said in a release.

"The subscription amount represents a small part of their proceeds, and the subscription will be made upon completion of the transaction," LVMH said.

"The sale of our Hong Kong and Macau stores marks an important step for DFS," DFS Chief Executive Ed Brennan said.

The all-cash transaction is subject to standard conditions and should close in around two months' time, LVMH said, without setting out any financial details of the divestment.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

January 19, 2026 11:23 ET (16:23 GMT)