China Tourism Group Duty Free Buys DFS’ Greater China Retail Business

LONDON — China Tourism Group Duty Free, the nation’s biggest travel retail operator with more than 80 percent of the domestic market share, on Monday said it has agreed to buy DFS’s travel retail business in Greater China in cash from its current owners LVMH Moët Hennessy Louis Vuitton and its cofounder, Robert Miller. According to the agreement — through its wholly owned subsidiary China Duty Free International Ltd. — CTG Duty-Free will gain control of DFS retail stores in Hong Kong and Macao — excluding ...