15 July 2020
The Weekly

Wangfujing Group has registered a new duty-free company called Beijing Wangfujing Duty Free Management. The move follows the group’s recent win of governmental approval to sell duty-free items. With registered capital of ¥500mn (US$71.3mn), the new company will sell tobacco, fashion items and jewellery amongst other products.

The group, which operates more than 40 department stores including the Beijing Department Store, admitted the new company is facing “greater competition risks”, but doesn’t expect the investment to negatively affect its financial results.

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