New Louis Vuitton duty free concept to generate USD100m in first year
South Korea's Incheon International Airport Corp and The Shilla Duty Free have forecast the world's first Louis Vuitton airport boutique, scheduled to open at Incheon International Airport in Sep-2011 could generate sales of USD100 million in its first year.
Lotte Duty Free, meanwhile, is continuing its legal action against the award for the outlet. It has taken its case to the Korean Court of Appeal. The company is reportedly against the allocation of the space for the boutique, and has reportedly argued that the since the new boutique will cover space previously used for public seating and way-finding rather than for retail, it should have been subject to tender.
Shares in Lotte Shopping Co, parent of Lotte Duty Free, were up 2.4%, in a mixed day of trading for airport retail and duty free shares.
Selected duty free and airport retail share price movements (% change): 13-Apr-2011