[Photo provided by Hotel Shilla Co.]
South Korea’s Hotel Shilla Co., hotel and travel retail unit of Samsung Group, got two-year extension for its duty-free beauty outlets at the Singapore Changi Airport.
Under the renewal of contract with Singapore-based Changi Airport Group (CAG), Shilla Duty Free can continue business at cosmetics and perfume concession corners on a space of 7,400 square meters at the airport. The extension starting from 2020 ends in September 2022.
The decision to extend the partnership largely owed to the “pioneering retail concepts” of the stores that have transformed the Changi Airport’s travel retail scene and brought the airport shopping experience to a whole new level, according to the airport operator.
“We are very pleased to continue our partnership with … and the Shilla Duty Free for another two years,” said CAG Executive Vice President of Commercial Lim Peck Hoon.
With the extension, Hotel Shilla aims to further bolster its duty-free business to make it a global leader. It now runs tax-free shops at all of three busiest air gateways in Asia - Incheon International Airport, Singapore Changi Airport and Hong Kong International Airport. Its revenue from overseas stores last year reached 700 billion won ($628 million), the largest among Korean duty-free operators, and is expected to top 1 trillion won this year.
By Lee Yoo-jin and Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]