After removing tariffs, Hainan, China’s biggest duty-free market, is planning to remove VAT and excise tax for imported wine and spirits in a bold move to boost its attractiveness for tourists. Read More
luxury
The world's biggest luxury group LVMH has suspended its business in Russia following Russia's invasion of Ukraine, citing operational challenges and concerns about staff safety. Read More
Luxury group LVMH's wines and spirits revenue soared 26% last year, thanks to reopening of on-trade business in the US, Europe and a rebound in Asia. Read More
China's biggest duty-free island province, Hainan, has reported RMB 46.8 billion in sales from last July to June this year, aided by increased spending limit and global travel restrictions. Read More
Fine wine merchant, Sarment, is shutting down its business in mainland China, Hong Kong, Singapore and Japan, less than two years after it was sold to Paolo Bulgari. Read More