Shilla Duty Free setting sights on China

Shilla Duty Free, South Korea's leading duty-free operator, said Thursday it will make inroads into China through a partnership with a Chinese industry player.

Shilla Duty Free said it has signed a memorandum of understanding on a strategic partnership with Hainan Tourism Duty Free City based in the southern Chinese island of Hainan.

Established as a subsidiary of Hainan Tourism Investment Development Co. last year, the 95,000-square-meter Hainan Tourism Duty Free City is deemed as a must-go site for tourists and carries some 500 brands.

Shilla Duty Free said both companies will seek to set up a joint venture and cooperate in all fields of duty-free business, including sourcing and market exploration, through the MOU.

The move comes as Shilla Duty Free opened a store in Changi Airport in Singapore in 2013.

A Shilla Duty Free official said the company will make full-fledged efforts to tap into overseas markets and diversify business. (Yonhap)