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  • Pages
  • Editions
01 The Moodie Davitt eZine 325
02 ELC – Dr.Jart+
03 Contents
04 ELC – Bobbi Brown
05 ARI Column
06 Elizabeth Arden
07 Elizabeth Arden Column
08 Nestlé
09 Top Travel Retailers: Introduction
10 Shiseido
11 Top Travel Retailers: China Duty Free Group
12 Cabeau
13 Top Travel Retailers: Dufry Group
14 INCC
15 Top Travel Retailers: Lotte Duty Free
16 Duty Free Americas
17 Top Travel Retailers: Lagardère Travel Retail
18 PMI
19 Top Travel Retailers: Shilla Duty Free
20 Bath & Body Works
21 Top Travel Retailers Conclusion
22 Lotte Duty Free
23 Melbourne Airport 1
24 Beam Suntory
25 Melbourne Airport 2
26 Nuxe
27 Travel Retail Highlights 1
28 Lego
29 Travel Retail Highlights 2
30 King Power
31 Travel Retail Highlights 3
32 Dufry
33 Travel Retail Highlights 4
34 Perfumist
35 Travel Retail Highlights 5
36 FAB
37 Travel Retail Highlights 6
38 Koma Karanth
39 Travel Retail Highlights 7
40 Subscriptions

The World’s Top Travel Retailers Report (continued)


The Shilla Duty Free

2022 Sales (million)

€3,862

2022 Rank

5

Movement

▽2

The Shilla Duty Free maintains a top five ranking in our list based on 2022 turnover of KRW5,233.95 billion, which translates as €3,862 million* at 31 December exchange rates, with the business buoyed (as in 2021) by daigou income and online sales.

Downtown duty free revenues accounted for around 84% of the total, and increased +3% year-on-year. Airport revenues climbed by +122% year-on-year, from a low base in 2021, driven by the country’s opening up to inbound and outbound travel from April 2022.

Among key recent developments was the company’s capture of two key ten-year concessions at Incheon International Airport, which began on 1 July. One is a 17-store, 4,258sq m contract covering liquor & tobacco and fragrances & cosmetics. The other involves 12 fashion and luxury stores over some 4,709sq m of space.

Shilla was buoyed by strong daigou sales in 2022, but that reliance has changed in early 2023 as reseller commission rates have declined

Shilla retains high ambitions to continue its overseas expansion, with its network of P&C concessions including Hong Kong International and Changi airports. At the latter, the retailer is rebuilding with store investment and a big launch and promotional calendar as travel returns to Singapore.

A more detailed commentary on Shilla’s performance and prospects appears in our forthcoming Magazine. Click here for our story on Q2 results.

*Note: The figures include the HDC-Shilla duty free joint venture consolidated at 50%. As we present 3Sixty Duty Free as a separate figure in our rankings, Shilla’s 44% shareholding is not reflected in its own sales figure in our rankings. As with Lotte Duty Free and other Korean players the figures presented here include Korean domestic brand sales, which do not feature in the numbers disclosed according to IFRS accounting standards, and which appear on the DART platform where Korean companies report annual performance.

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The Moodie Davitt eZine

Issue 325 | 2 August 2023

The Moodie Davitt eZine is published 14 times per year by The Moodie Davitt Report (Moodie International Ltd). © All material is copyright and cannot be reproduced without the permission of the Publisher. To find out more visit www.moodiedavittreport.com and to subscribe, please e-mail kristyn@moodiedavittreport.com

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