CHINA. China Duty Free Group (CDFG) has completed the acquisition of 51% of the shares of Sunrise Duty Free (China) Co Ltd and Sunrise Duty Free (Shanghai) Co Ltd.
The two-stage acquisition, exclusively reported by The Moodie Davitt Report, was formally approved by the Chinese government recently. CDFG and Sunrise have commenced joint operation of the duty free stores at Beijing Capital International Airport (T2 and T3), Shanghai Honqqiao Airport and Shanghai Pudong International Airport (the former following their respective Beijing tender victories in June 2017).
To enhance and develop that joint business, the new combined entity has reorganised its buying and merchandising function into a unified team.
Effective 1 June, that buying/merchandising function will be led by Ms Zhao Feng and Ms Yang Weiling.
Lead merchant and key vendor contacts for the main categories are:
Perfume & cosmetics: Terry Chua
Imported liquor & tobacco, confectionery and travel accessories: Luke Chang
Fashion & watches, jewellery and sunglasses: Lee Meili
Chinese liquor & tobacco: Li Jian
Following the announcement of this structure, all commercial contracts for the joint entity will be written with – and signed by – China Duty Free International Limited, a wholly owned subsidiary of CDFG in Hong Kong. The transition period to effect the contract changes will take place over the next year.
Footnote (1): CDFG President and Sunrise Duty Free (China and Shanghai) Chairman Charles Chen will be a keynote speaker at this year’s Trinity Forum in Shanghai on 31 October-1 November. Click here for registration details.
CDFG is set to celebrate the Grand Opening of its Duty Zero liquor, tobacco and gourmet food stores at Hong Kong International Airport on 12 July. It runs the concession with Lagardère Travel Retail.
Footnote (2): The Moodie Davitt Report has teamed up with Chinese travel retail information provider DutyFreeExpert to provide a new fortnightly industry information service on WeChat.
i免税中国 (literally ‘Love Duty Free, Love China’) was launched on the popular Chinese social media platform last Friday. It will provide news from the Chinese travel retail and duty free market and on Chinese shopping overseas. It will also bring Chinese readers highlights of the most important international brand, retail, aviation and tourism developments.
Readers anywhere in the world can simply scan the QR code below to read issue 1 of i爱免税中国 or simply click on this link https://mp.weixin.qq.com/s?__biz=MjM5OTMzNDk0MA==&mid=2650979346&idx=1&sn=cff4d34098a4fda7d2c4ec30269533a7&chksm=bccb19618bbc90778ae39783358abb507c2d8da6ea30c1a15d23983ce51878a34f687bcbe722#rd
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