default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

China Duty Free Group’s Net Profit Up 484% in H1

China Duty Free Group's Sanya Duty Free Complex in Hainan. CDF Group
China Duty Free Group's Sanya Duty Free Complex in Hainan. CDF Group

China Duty Free Group, which last year became the world’s largest travel retail company by sales turnover, has released financial results showing its total revenue for the first half of this year reached 35.50 billion yuan ($5.49 billion), an increase of 83.85 percent over the same period last year. Meanwhile, net profit rose by 484.12 percent to 5.44 billion yuan ($841.74 million).

The company’s management attributed this growth mainly to Hainan Province’s duty-free policies driving massive domestic travel retail sales boom and China’s effective control of the pandemic simultaneously making it possible for people to travel and shop domestically.

The group currently operates 194 stores covering more than 90 cities on mainland China, Hong Kong, Macau and Cambodia. Its Sanya International Duty Free City on the tropical island of Hainan is the world’s largest single travel retail complex in terms of sales area, and saw sales revenue of 21.35 billion yuan ($3.3 billion) last year. In 2020, the group accounted for 22.6 percent of the global travel retail industry’s market share, according to a Frost Sullivan report.

A fortnight ago, the company submitted an application for a secondary listing in Hong Kong, which is expected to raise between $7 to $10 billion.

In This Article
Topics

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from China
On-the-ground intelligence and insights from the world’s largest fashion market.

While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.


Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.


Despite the country’s protracted property crisis, deflationary pressures and other economic headwinds, its domestic luxury market is expected to grow 4 to 6 percent in 2024, outpacing both Europe and the US.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional Summit - New Frontiers: AI, Digital Culture and Virtual Worlds - March 22, 2024