Freshfields advises DFS on the sale of DFS's Okinawa travel retail business

Global law firm Freshfields is advising DFS Holdings Limited (“DFS”) on the sale of DFS’s Okinawa travel retail business to Avolta AG (SIX:AVOL), a global leader at the intersection of travel retail and food & beverage.

The transaction involves the sale of 100% of DFS Okinawa, part of DFS and majority-owned by LVMH Moët Hennessy Louis Vuitton SE, which operates airport and downtown retail locations across Naha Airport’s international and domestic terminals and Naha’s Okinawa Downtown Galleria. The transaction is expected to close in Q3 2026, subject to customary closing conditions.

The Freshfields team advising on the transaction is led by partner Sarah Su and senior associate Dickson Chan, supported by associate Eric Cheung. IP and data privacy advice is led by partner Richard Bird and counsel Cédric Lindenmann, supported by senior associate Fan Li. Japan law advice is provided by partner Tomoko Nakajima, senior associate Junya Suzuki and associates Takahiro Sato and Yuu Itoh. ACT advice is provided by partners Alastair Mordaunt and Kaori Yamada and associates Chi Chung Chan, Ziqi Zhou and Shuntaro Muto. Tax advice is provided by partner Peter Clements and associate Jonathan Bowering. Employment advice is provided by partner Stephanie Chiu.