BUSINESS Luxury goods giant LVMH to build tourism retail supply chain center in Hainan

BUSINESS

Luxury goods giant LVMH to build tourism retail supply chain center in Hainan

yidaiyilu.gov.cn

18:05, July 27, 2022

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A customer views a watch in a duty-free shop in Haikou, capital of south China's Hainan Province, Jan. 3, 2022. (Photo: Xinhua/Guo Cheng)

LVMH Perfumes & Cosmetics (Shanghai) Co., Ltd. on Monday reached a cooperation deal with the Haikou Comprehensive Bonded Zone in south China's Hainan Province to build a tourism retail supply chain center in the zone, reported Shanghai Securities News Monday.

The signing ceremony for the cooperation agreement was held during the second China International Consumer Products Expo (CICPE) kicked off on the same day in Haikou.

It's learned that by leveraging the policy synergy of "free trade port plus comprehensive bonded zone", the LVMH Perfumes and Cosmetics brands will build a self-operated bonded warehouse in the Haikou Comprehensive Bonded Zone to further optimize the end-to-end logistics scheme for products from overseas to Hainan and improve overall supply chain efficiency.

Meanwhile, LVMH perfumes and cosmetics will expand presence in China's travel retail market based on Hainan, bringing more diversified and personalized products and services to Chinese consumers.

As one of the world's largest luxury goods groups, LVMH has businesses involving wine and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelry and boutique retail. Its perfumes and cosmetics brands include Dior, Guerlain, Givenchy and other world famous brands, occupying a leading position in the industry.

LVMH Greater China President Wu Yue said at the signing scene that the company is very optimistic about the prospect of Hainan's consumer market, and in addition to some representative brands participating in the ongoing CICPE, other leading brands of the company are also paying attention to new and high-quality retail projects in Hainan, making preparations for entering the market in the future.

Since the first CICPE in 2021, LVMH has worked closely with local authorities in Hainan to jointly study various business scenarios and practical solutions. In March 2022, LVMH registered its wholly-owned subsidiary, LVMH Perfume & Cosmetics (Hainan) Co., Ltd., in Hainan, and completed the first batch of perfume & cosmetics import at the end of June.

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