The luxury conglomerate has agreed to sell its travel retail businesses in Hong Kong and Macau, as well as its intangible assets in Greater China, to China Tourism Group Duty Free (CTG Duty Free).WHO: The DFS business, founded in 1960 by founders Robert Miller and Charles Feeney, revolutionized travel retail when they opened the first airport store in Hong Kong. The business was sold to LVMH in 1997 and operates as part of the conglomerate's Selective Retailing division.CTG Duty Free, which is listed on both the Hong Kong and Shanghai exchanges, is controlled by China Tourism Group. Headquartered in Beijing, operating nearly 200 duty-free stores across more than 100 cities worldwide, CTG Duty Free is already the largest duty-free in China with a 79% market share. WHY: CTG Duty Free and LVMH can leverage their respective strengths and forge further collaboration in Greater China. IN THEIR OWN WORDS: Luke Chang, Executive Director and President of CTG Duty Free, commented, “This move will further expand CTG Duty Free’s service network across the Greater Bay Area, aiming to build a platform for promoting China-chic brands globally and establish an international business mid-platform. CTG Duty Free remains committed to providing high-quality travel retail experiences to both domestic and international tourists, fulfilling its responsibility as a central state-owned enterprise-controlled listed company to support the high-quality development of the retail economy in Hong Kong and Macau.