Today, according to media reports, DFS, the luxury travel retail division under LVMH SE, announced that it will close its store in East Tsim Sha Tsui by the end of next month.
DFS Group Ltd. stated that the decision to shut down the East Tsim Sha Tsui store was based on an evaluation of its global store network. The company noted that while the location was once a strategic priority, current market trends have compelled it to reallocate resources.
Following the closure, DFS will retain two locations in Hong Kong: its flagship store on Canton Road in Tsim Sha Tsui and its beauty store in Causeway Bay.
Founded in Hong Kong in 1960, DFS pioneered the concept of duty-free shopping. Today, the company is part of French luxury conglomerate LVMH (Moët Hennessy Louis Vuitton) and operates stores in major airport terminals and city centers worldwide, offering premium fashion, beauty, accessories, jewelry, and spirits from over 750 brands.
Just last week, DFS announced the closure of its stores in Sydney, Auckland, and Queenstown, marking its exit from the Oceania market. DFS had been operating in the region for over 30 years and was a popular destination for international travelers seeking duty-free luxury goods.
In the 2024 fiscal year, LVMH’s Selective Retailing segment — which includes DFS and Sephora — recorded a 6% year-on-year increase in sales, reaching $32.7 billion, with Sephora being the main driver of growth.
