Travel Retail
Global Travel Retail Market Size
Moodie Davitt's 2024 top-5 global travel retail operators (Avolta, CDFG, Lagardère, Lotte, Shilla) with financial detail — a benchmark for placing Korean operators in global context — plus a timeline of DFS Group (LVMH)'s Hong Kong/Macau sale and U.S. exit after dropping out of the top 5.
Source — Moodie Davitt Report · DFNIOnline
Moodie Davitt 2024 Global Top 5 Travel Retail Operators
Currencies and reporting periods differ by company, so amounts are not shown as a bar chart
Avolta
Switzerland
13,725 CHF mn
2024 reported turnover
+8.9% YoY
China Duty Free Group (CDFG/CTG)
China
56,470 CNY mn
2024 revenue
-19.6% YoY
Lagardere Travel Retail
France
5,812 EUR mn
2024 revenue
+15.8% YoY
Lotte Duty Free
South Korea
819.6 KRW bn
2024 Q1 sales
+8.7% YoY
Hotel Shilla (TR division)
South Korea
773.5 KRW bn
2024 Q4 TR division revenue
+0.2% YoY
Where Korean Operators Stand — Top 5 by Revenue, Yet Losing Money
Both Lotte and Shilla rank in the global top 5, but posted operating losses in the same period
| Operator | Period | Revenue | Operating Profit/Loss | Key Issue |
|---|---|---|---|---|
| Lotte Duty Free | 2024 Q1 | 819.6KRW bn | -28KRW bn | Revenue +8.7% YoY, yet swung to an operating loss on FX, labor cost, and rent pressure amid a shifting market |
| Lotte Duty Free | 2024 H1 | — | -46.251KRW bn | H1 operating loss of KRW 46.251B, -221.3% YoY (Moodie Davitt) |
| Hotel Shilla TR Division | 2024 Q4 | 773.5KRW bn | -43.9KRW bn | TR division revenue +0.2% YoY, operating loss of KRW 43.9B |
DFNI "Retail-Only" Ranking (F&B Excluded)
Methodology differs from the Moodie Davitt ranking above, so the same company's rank and amount can differ
| Rank | Operator | Year Basis | Amount | YoY | Note |
|---|---|---|---|---|---|
| #1 | Avolta | 2023 | 9,690 USD mn | +34.0% | DFNI states it counts only commercial retail results, excluding F&B |
| #2 | China Duty Free Group | 2023 | 8,090 USD mn | — | In the 2023 DFNI ranking, CDFG posted $8.09B vs. Avolta/Dufry's $7.21B |
| #3 move | Lagardere Travel Retail | 2023 | — | — | Rose from #5 in DFNI's 2023 edition to #3 in the 2024 edition, overtaking Lotte and Shilla |
Per-Operator Financial Detail
| Operator | Period | Metric | Amount | YoY | Note |
|---|---|---|---|---|---|
| Avolta | 2024 | Reported turnover | 13,725 CHF mn | — | CORE turnover CHF 13.473B, CER-basis revenue growth +8.9% |
| Avolta | 2024 | CORE turnover | 13,473 CHF mn | +8.9% | Organic growth +6.3% |
| China Duty Free Group / CTG | 2024 | Revenue | 56,470 CNY mn | -19.6% | Roughly US$7.8B, -19.6% YoY |
| China Duty Free Group / CTG | 2024 | Revenue (as reported by DFNI) | 56,500 RMB mn | -16.4% | Down from RMB 67.5B in 2023 |
| Lagardere Travel Retail | 2024 | Revenue | 5,812 EUR mn | +15.8% | +15.8% as reported, +12.5% like-for-like |
| Lagardere Travel Retail | 2024 | Recurring EBIT | 305 EUR mn | +24.5% | Recurring EBIT margin 5.3% |
| Lotte Duty Free | 2024 Q1 | Sales | 819.6 KRW bn | +8.7% | Excludes Lotte Busan Hotel Duty Free |
| Lotte Duty Free | 2024 Q1 | Operating profit/loss | -28 KRW bn | — | Q1 operating loss of KRW 28.0B |
| Hotel Shilla TR Division | 2024 Q4 | Travel retail division revenue | 773.5 KRW bn | +0.2% | Q4 TR division revenue +0.2% YoY |
| Hotel Shilla TR Division | 2024 Q4 | Operating profit/loss | -43.9 KRW bn | — | Q4 operating loss of KRW 43.9B |
DFS Group (LVMH) Divestment Timeline
DFS has already dropped out of the top-5 ranking above, but the exit of the company that invented downtown duty free is itself a signal of industry-wide consolidation, so it's tracked separately here
| Market | Event | Date | Amount | Note |
|---|---|---|---|---|
| Hong Kong / Macau | Sale of stores and Greater China brand rights to China Tourism Group Duty Free (CDFG) | Agreed 2026.1 · Closed 2026.3 | 395 USD mn | Deal valued at 'up to' $395M — Macau assets appraised at ~$370M, the two Hong Kong stores at ~$69.7M (as of 2025.9.30) · LVMH and the Miller family took part of the proceeds in newly issued CDFG shares rather than cash |
| Hong Kong / Macau | Net profit at the divested stores collapsed | 2023 → 2024 | — | Net profit fell from RMB 965.15M (2023) to RMB 127.6M (2024), -87% — a collapse already visible in the numbers before the sale was decided |
| Hainan | Yalong Bay shopping/entertainment project scrapped | 2026.1 | — | Partnership with local partner Sunya Group also ended |
| Guam | Exits duty-free business after 50 years | 2026.3 | — | |
| Hawaii | Exits after 63 years — Waikiki (1.28), Honolulu Airport (3.31), Kahului Airport (8.31) close in sequence | 2026.1–8 | — | Honolulu and Kahului airport locations transfer to International Shoppes under a 10-year contract |
| U.S. (LAX / SFO) | Concessions transfer to Duty Free Americas | Announced 2026.3 · Expected to close Q2 2026 | — | Passed on rebidding JFK (T4 stores operate through 3.31) — marks DFS's full exit from the U.S. market |
Data Notes — Please Read
- Currencies differ entirely. Avolta (CHF), CDFG (CNY), Lagardere (EUR), and Lotte/Shilla (KRW) each report in a different currency. Don't rank these companies by raw amount size without converting to a common currency.
- Reporting periods also differ. Avolta, CDFG, and Lagardere report full-year 2024 revenue, while Lotte's figure is Q1 2024 and Shilla's is Q4 2024. This mismatch arises because the Moodie Davitt Top 5 uses each company's most recently disclosed results.
- Moodie Davitt and DFNI are different rankings. Moodie Davitt's "Top Travel Retailers" is based on total revenue including F&B, while the DFNI ranking counts only pure retail revenue, excluding F&B. Even Avolta's amount differs between the two rankings.
- Lotte and Shilla rank in the global top 5 by revenue, yet both posted operating losses in the same period — the disconnect between revenue scale and profitability is the core point of this data.
- The DFS Group timeline tracks divestment "events" rather than annual revenue comparisons. Note that the Hong Kong/Macau sale price (up to $395M) wasn't paid entirely in cash — LVMH and the Miller family took part of the proceeds in newly issued CDFG shares instead.