HDC Shilla Duty Free Joins Duty-Free Inventory Sales (Comprehensive)

Sales on 7th Floor of Yongsan I'Park Mall
Overseas Luxury Brand and Quantity Under Negotiation
Bags and Accessories
Fifth Following Major Three Companies and Donghwa Duty-Free

[Asia Economy Reporter Cha Min-young] Shilla IPark Duty Free, a downtown duty-free shop in Seoul operated by HDC Shilla Duty Free, will also start selling duty-free inventory.

According to the duty-free industry on the 24th, HDC Shilla Duty Free will hold a showroom on the 7th floor (D7) of Yongsan IPark Mall in Seoul, next to Food Cinema, at 11 a.m. on the 25th, where duty-free inventory will be sold at discounted prices.

The participating brands include a total of nine overseas luxury brands such as Fendi, Givenchy, Bally, and Tod's, with about 100 products including bags and wallets expected to be sold.

The selling prices are decided considering the cost including taxes such as import customs clearance, logistics costs, merchandising costs, and card fees, at discounts of up to about 70% compared to regular department store prices. Customers who purchase during the event period will receive their orders sequentially after customs clearance procedures.

In particular, IPark Mall membership members can enjoy point accumulation benefits. This is because a portion of the payment amount is accumulated as membership points that can be used like cash. The order and delivery process can also be simplified, making it convenient.

Previously, the duty-free industry has conducted domestic sales under the approval of the Korea Customs Service to secure liquidity as long-term inventory accumulated due to the COVID-19 pandemic. Leading the sales were the three major duty-free shops: Lotte Duty Free, Shilla Duty Free, and Shinsegae Duty Free, with Dongwha Duty Free participating among mid-sized duty-free shops.

Shinsegae Duty Free started the first sale on the 3rd of this month through its affiliate Shinsegae International's online mall SI Village. Dongwha Duty Free began sales on the 5th of this month in connection with Naver Store Farm. Lotte Duty Free made its debut on the 23rd through the online mall 'Lotte ON' and is conducting both online and offline sales at department stores and outlets. Shilla Duty Free also plans to start sales on its online mall this week.

The sale of duty-free inventory is the result of public-private cooperation between the Korea Customs Service and duty-free shops. It has been about two months since the Korea Customs Service temporarily allowed domestic sales of long-term inventory until October 29th, following the announcement on April 29th. Assuming 20% consumption of long-term inventory, it is estimated that about 160 billion KRW of liquidity resources can be secured.

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