Paul Hastings Advises Hotel Shilla on its Significant Investment in DFASS Group
Seoul (April 2, 2015) - Paul Hastings, a leading global law firm, announced today that the firm represented Hotel Shilla (“Shilla”) in entering into a broad strategic partnership with DFASS Group (“DFASS”) to become a global leader in duty free travel retail. Under the agreement, Shilla will acquire a 44% stake in DFASS from the existing owner, Travel Retail Group Holdings, and collaborate to develop new and existing duty free concessions, expand in-flight concession services, and strengthen its wholesale distribution business. The agreement includes a call option to purchase an additional 36% interest in five years.
Shilla, the second largest travel retailer in Korea, is the listed hospitality arm of the Samsung Group and operates luxury hotels and duty-free shops in Korea and other parts of Asia. DFASS is the world’s largest in-flight duty free retailer.
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