Singapore’s Duty-Free Operator DFS Exiting as Korean Rivals Bid
- Lotte, Shilla among those vying for alcohol, tobacco business
- DFS said holding onto rights wasn’t ‘financially viable’
A Shilla Duty Free store at Changi Airport in Singapore.
Photographer: Nicky Loh/BloombergThis article is for subscribers only.
Hotel Lotte Co. and Hotel Shilla Co., South Korea’s two largest duty-free companies, are among bidders for the rights to take over the liquor and tobacco business at Singapore’s Changi Airport, after longtime operator DFS Group Ltd. unexpectedly didn’t bid for the rights again.
Lotte and Shilla were joined by Germany’s Gebr Heinemann in a tender exercise that closed on Monday, Yonhap reported, citing sources. Spokespeople for Lotte Duty Free and Shilla, which already sells cosmetics at Changi, confirmed their bids in separate statements to Bloomberg.