DFS teams up with Dongwha

Leading retailer DFS Group said yesterday it had entered a joint venture agreement with South Korean duty-free operator Dongwha. DFS, whose majority owner is French luxury goods maker LVMH Moet-Hennessy Louis-Vuitton, will acquire a minority equity interest in Dongwha and will be responsible for operation and management of the joint venture. The deal is expected to be completed by February 1, DFS said without specifying the stake it would take in Dongwha.