As part of a key sector development, Hainan Tourism Investment Duty Free Co and South Korea’s Hotel Shilla Co, signed a far-reaching strategic corporation agreement.
During an online event, Hainan Tourism Investment Duty Free Chairman and General Manager Xie Zhiyong and Hotel Shilla President Han Ing-yu signed a Memorandum of Understanding (MoU) on behalf of the two travel retail companies.
A spokesman for The Shilla Duty Free said, “The signing of this MOU is meaningful in that it will allow us to enter the Chinese market, especially Hainan, which is rapidly growing even amid the COVID-19 crisis. We will overcome the difficulties in the duty free retail industry by penetrating overseas markets using a variety of different strategies.”
Shilla Duty Free has developed a huge network of duty free stores in a number of locations including South Korea, Singapore, Hong Kong, Macau and Thailand.
