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.
The Paul Hastings team was led by corporate partner Daniel Sae-Chin Kim, with support from of counsel Woojae Kim and associate Young Hwan Ryu.
Paul Hastings is a leading global law firm with a strong presence throughout Asia, Europe, Latin America, and the United States. Through a collaborative approach, entrepreneurial spirit, and commitment to client service, the professionals of Paul Hastings deliver innovative solutions to many of the world’s top financial institutions and Fortune 500 companies.