Lotte Group vice president Shin Dong-bin and Lee Boo-jin, the executive director of Hotel Shilla, are to meet Bernard Arnault, the CEO of the world's largest luxury goods conglomerate LVMH to discuss setting up a Louis Vuitton shop at Incheon International Airport. Shilla and Lotte run duty free shops.
An industry insider on Monday said Shin plans to meet with Arnault "to share thoughts on Louis Vuitton's business in Korea, and discuss ways to open a Louis Vuitton shop in its duty free shop in Incheon International Airport, which will also be the major issue Lee will bring up when she meets Arnault."
Louis Vuitton has no boutique in an airport anywhere in the world, so if either of the two succeeds, it will be the world's first.
Lee, who is the daughter of Samsung Electronics chairman Lee Kun-hee, has been working hard on shifting the focus of Hotel Shilla's business from hotel to duty free shops, and now 80 percent of Shilla's total sales comes from duty free shops.
Arnault is the founder of the LVMH Group, which has over 100 luxury brands under its belt, including Louis Vuitton, Christian Dior, Fendi and Moet Hennessy. He was seventh on this year's Forbes rich list.