Hyundai Duty Free said on the 28th it has begun operations in Incheon International Airport's DF2 zone (cosmetics and perfumes, liquor and tobacco).
Hyundai Duty Free added DF2 to its existing DF5 and DF7 (luxury goods, fashion and accessories), making it the operator of three of the six duty-free zones at Incheon Airport and the airport's largest duty-free operator. It is also the only operator that handles all categories, including luxury and fashion, cosmetics, and liquor.
The Hyundai Duty Free DF2 zone opening that day spans 4,571 square meters (about 1,382 pyeong). A total of 287 brands have moved in, including cosmetics and perfumes such as Chanel Beauty, Dior, Yves Saint Laurent, and Estée Lauder, and liquor, tobacco, and food brands such as Ballantine's, Johnnie Walker, Hennessy, Balvenie, KT&G, and Jung Kwan Jang.
The business period is about seven years, from the opening day to June 30, 2033. With a three-year extension, operations can continue for up to 10 years, until Apr. 27, 2036.
Hyundai Duty Free recorded its first annual profit last year, seven years after starting the business, and is expected to post a profit in the first quarter of this year as well. With the DF2 zone now in operation, observers say the company is likely to sustain its growth momentum.
Park Jang-seo, CEO of Hyundai Duty Free, said, "With the operation of the DF2 zone, we expect to generate more than 1 trillion won in annual sales at the airport alone," adding, "Based on a store operation policy focused on profitability, we will further advance differentiated MD and marketing strategies to solidify a stable growth structure."