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Hotel Shilla acquires 44% stake in US duty-free retailer 3Sixty
By YonhapPublished : Oct. 25, 2019 - 19:06
South Korea's Hotel Shilla Co., which operates leading duty-free store Shilla Duty Free, said Friday it has acquired a 44 percent stake in US duty-free specialty retailer 3Sixty for $121 million.
The acquisition is expected to help Shilla Duty Free make inroads into the American market.
Under the deal with 3Sixty, Hotel Shilla could exercise its option to buy another 23 percent stake in the US firm in 2024.
3Sixty, one of the world's leading in-flight duty-free retailers, operates duty-free shops in North and Central America.
In 2014, Hotel Shilla opened its first duty-free outlet at Changi Airport. Since then, Hotel Shilla has been operating duty-free shops at four terminals at the Singapore airport.
Shilla Duty Free also operates duty-free shops at Hong Kong International Airport on Chek Lap Kok Island and at Incheon International Airport.
Meanwhile, Hotel Shilla set its new quarterly sales record after posting 1.4 trillion won ($1.1 billion) in the third quarter. However, operating profit dipped 15.6 percent on-year to 57.4 billion won, while net profit plunged 42 percent on-year to 27.4 billion won in the July-September period. The company attributed the profit decline to increased marketing costs. (Yonhap)
