Singapore Windsor Holdings has signed a 10-year agreement with DFS Group to develop and operate duty-free retail outlets at Yangon International Airport and Nay Pyi Taw International Airport.
DFS Group is a Hong Kong-based luxury travel retailer, majority-owned by conglomerate Moët Hennessy Louis Vuitton (LVMH).
“In addition to a duty-free store at Nay Pyi Taw International Airport, we will open duty-free outlets at the existing departure and arrival terminal of Yangon International Airport, followed by a much larger duty-free retail space when the new terminal at Yangon International Airport is completed towards the end of this year,” said a notice on the Singapore Exchange (SGX).
By the end of 2015, Singapore Windsor will operate almost 2000 square metres of duty free retail space at the two airports. The notice did not mention plans to introduce duty-free services to Mandalay International Airport.
The new international terminal in Yangon airport is expected to handle three times the current passenger traffic volume. Myanmar’s airports already offer duty-free alcohol and tobacco, but not yet to an international standard, according to the notice.
DFS is headquartered in Hong Kong and has offices in Hawaii, Los Angeles, Shanghai, Singapore and Tokyo. Singapore Windsor is a Singapore-listed, Myanmar-focused company, with interests in telecom infrastructure construction, trading, distribution and retail, serviced offices, and car hire and rental services.
Last week, the group’s wholly owned subsidiary SMI Auto Services signed a five-year franchise agreement with Europcar, to provide vehicle rental and limousine services throughout Myanmar. The deal is renewable for another five years, if both parties agree to it.
