Inside Retail Asia latest duty free news and business trends within the travel retail industry.

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LVMH chairman Bernard Arnault to buy stake in Lagardere

LVMH chairman Bernard Arnault will buy a stake in Arnaud Lagardere’s publishing and media group Lagardere Capital & Management (LCM).

Agoda axes 1500 staff as Covid-19 crisis decimates bookings

Asian online travel agency and metasearch engine Agoda has shed 1500 staff in a major downsizing brought on by the impact of the coronavirus pandemic.

DFS Group starts winding down Changi Airport liquor business

DFS Group will close all of its stores at Changi Airport on June 8 as its 35-year tenure as wine and spirits concessionaire comes to an end.

Samsonite sales plunge 80 per cent as travel all but halts

With global travel now all but shut down, luggage-retailing goliath Samsonite is facing unprecedented challenges, with net global sales plunging by 80 per cent last month..

Shinsegae profit all but evaporates as Covid-19 hits sales

Shinsegae, one of South Korea’s largest retail groups, has reported its net profit fell 99.8 per cent year on year as the Covid-19 crisis effectively shut down the nation’s tourism industry.

Changi Airport further consolidates terminals; more stores shuttered

Following the suspension of operations in Terminal 2, Changi Airport is to further consolidate operations and indefinitely close more retail stores.

CBRE report highlights Covid-19 impact on Asian retail

The coronavirus outbreak has significantly disrupted retail consumption in the Asia Pacific region, according to findings in a new CBRE report. The study, Asia Pacific Retail Trends, focused on data for this year’s first financial quarter and analysed how the retail, hospitality and tourism sectors in the region have been impacted by Covid-19, with malls and shops throughout the territory compelled to cease operations during t…

‘Resilient’ LVMH caps sales decline to just 15 per cent during coronavirus

LVMH has reported a sales decline of 15 per cent for the first quarter of this year, a staggering achievement given its most lucrative market, China, was shut down for most of the period.

Sunil Tuli takes over presidency of Aptra

Sunil Tuli, group CEO of King Power Group (Hong Kong) has taken over the presidency of Aptra (Asia Pacific Travel Retail Association) after the resignation of Grant Fleming.

Lagardere Travel Retail reopens 88 stores in Wuhan Airport

Lagardere Travel Retail has reopened 88 stores at Wuhan airport after more than two months of lockdown due to the Covid-19 outbreak.

Changi Airport to consolidate terminal operations from May 1, fast-track T2 rebuild

Singapore’s Changi Airport will close its Terminal 2 from May onwards, consolidating its operations in response to a steep decline in passenger traffic caused by the coronavirus outbreak.

South Korean duty-free stores cut hours as travel-retail dries up

South Korean duty-free stores are electing to temporarily close for business as the coronavirus pandemic continues.