Duty-Free Stock Sale Starts Today... Balenciaga and Saint Laurent Up to 50% Off

Shinsegae Duty Free, SI Village Website Launches at 10 AM

[Asia Economy Reporter Cha Min-young] Leading the charge, major duty-free shops including Shinsegae Duty Free are starting to sell overseas luxury brand inventory.

Shinsegae Duty Free will begin pre-selling inventory on the official online mall of Shinsegae International, 'S.I. Village', at www.sivillage.com from 10 a.m. on the 3rd. The brands include four: 'Balenciaga', 'Bottega Veneta', 'Saint Laurent', and 'Valentino'. Only the quantities confirmed through pre-orders will be actually cleared through customs and sold. Prices are set at about 10-50% of the regular department store retail price.

Lotte Duty Free will sell products from about 10 brands at four Lotte Department Store locations and outlets offline during the 'Korea Together Sale' event from June 26 to July 2. Separate overseas luxury brand sales venues will be set up mainly in department stores that do not currently carry luxury brands. The volume is approximately 20 billion KRW, focusing on accessories such as bags, shoes, and miscellaneous goods.

Shilla Duty Free plans to start selling inventory within this month. Hyundai Department Store Duty Free has not yet decided whether to sell inventory. Since it is scheduled to enter Incheon International Airport Terminal 1 around September, securing inventory is urgent, and due to its relatively short business history, it holds less inventory, resulting in a lighter inventory burden.

This duty-free inventory sale is the result of public-private cooperation between the Korea Customs Service and duty-free shops. It has been just over two months since the Korea Customs Service temporarily allowed domestic sales of long-term inventory until October 29, starting April 29. This is one month earlier than the initially expected July. Assuming 20% of the long-term inventory is sold, about 160 billion KRW in liquidity resources are expected to be secured.