Top Travel Retailers Report (continued)
Hyundai Duty Free
2021 Sales (million)
€1,922
2021 Rank
9
Hyundai Department Store Duty Free reached an estimated KRW2,588 billion (€1,922 million) in sales in 2021. Like other travel retailers in Korea it benefited from daigou (reseller) business plus some online sales, and duty paid as well as duty free. Operating profit in the duty free division reached KRW41 billion (€28 million).
Commenting after reporting its Q4 results, it said: “Despite the continued difficulties in overseas travelling, enhanced cosmetics sales and new store sales [a reference to its Dongdaemun store, which opened in February 2020 -Ed] led duty free to increase by +155.7% and operating profit by KRW25 billion.”
In October 2021 luxury fashion house Chanel opened a 405sq m boutique at Incheon International Airport Terminal 1, in partnership with Hyundai Department Store Duty Free. It marked Chanel’s return to Terminal 1 after a six-year absence.
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The Moodie Davitt eZine Issue 313 | 28 July 2022
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