Duty-free stock released... Shinsegae kicks off with online sales on the 3rd

[Asia Economy Reporter Lim Hye-seon] Duty-free shops will sell their inventory duty-free products this month. Shinsegae Duty Free has taken the lead.

On the 1st, the official online mall SI Village homepage of Shinsegae International announced that it will hold an event called 'Unlimited Shopping with No $600 Limit' starting on the 3rd. The target products are duty-free items made available for domestic sale due to the government's temporary policy allowing the domestic sale of duty-free goods. It has been about a month since the Korea Customs Service temporarily permitted the domestic sale of duty-free inventory after import customs clearance in April.

Photo by SI Village Brand Page

Shinsegae Duty Free will first sell inventory items online. The brands include Balenciaga, Bottega Veneta, Saint Laurent, Valentino, and others. Prices are set at about 10-50% of regular department store prices. Prices were determined considering the cost including taxes after import customs clearance, logistics costs, merchandising costs, card fees, and various operating expenses.

Shinsegae International explained, "Because the government provided policy consideration, there is virtually no margin, focusing on inventory clearance."

Lotte Duty Free plans to sell inventory items offline through Lotte Department Store and outlets in line with the 'Korea Together Sale' starting on the 26th. The 'Korea Together Sale' is a government-led discount event held from the 26th to July 2nd. Shilla Duty Free also plans to release duty-free products within this month.

This content was produced with the assistance of AI translation services.