Lotte, Hotel Shilla expand foothold abroad to overcome pandemic koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Lotte, Hotel Shilla expand foothold abroad to overcome pandemic
Posted : 2021-07-30 09:21
By Yi Whan-woo
Lotte Hotels & Resorts and Hotel Shilla are trying to expand their footholds abroad in what are seen as their bids to overcome business risks stemming from a decline in the number of international visitors to Korea due to the COVID-19 pandemic.
Lotte Hotels & Resorts, Korea s top hotel chain operating under the wing of Lotte Group, has its eyes on the United States where it falls behind other international hospitality brands, but possesses growth potential at the same time.
Hotel Shilla is targeting the duty free market on China s tourist island of Hainan that has emerged as a paradise for Chinese shoppers after being designated as a tax-free zone.
Hainan one cog in China engine, says Lanthier | Travel Retail Business trbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from trbusiness.com Daily Mail and Mail on Sunday newspapers.
Thursday, 25 February 2021 17:56
Lagardère Travel Retail suffered a 60.4% decline in revenue on a like-for-like basis (59.7% consolidated) to â¬1,720 million/$1,960 million in 2020.
The duty free segment was impacted by a lack of passenger traffic
(-67% versus 2019 like-for-like), but the travel essentials sector benefitted from diversified distribution channels
(-53% versus 2019 like-for-like).
Announcing its full-year results today (25 February), parent Lagardère Group revealed a 38% like-for-like decline in revenue to â¬4,439m/$5,060m.
Fourth quarter sales for Lagardère Travel Retail were down by 64.9% like-for-like to â¬380m, on par with the decline in the third quarter, as the Paris-headquartered travel retailer felt the continued reverberation of global air traffic losses.
Suning to expand business in China s duty-free retail market - Xinhua xinhuanet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from xinhuanet.com Daily Mail and Mail on Sunday newspapers.