Freshfields has advised DFS Holdings on the sale of its DFS Okinawa travel retail business to Switzerland-based travel retailer Avolta for an undisclosed sum.
The acquisition marks Avolta’s entry into the Japanese travel retail market and is expected to strengthen its presence in the Asia-Pacific region.
Hong Kong-based partner Sarah Su and senior associate Dickson Chan led the Freshfields team, with support from associate Eric Cheung.
IP and data privacy advice was provided by partner Richard Bird, head of the firm’s IP and commercial practice group in Asia, and counsel Cédric Lindenmann. Senior associate Fan Li supported them.
Head of Japan M&A Tomoko Nakajima advised on Japan law, alongside senior associate Junya Suzuki, and associates Takahiro Sato and Yuu Itoh.
Antitrust, competition and trade advice was provided by partners Alastair Mordaunt and Kaori Yamada, as well as associates Chi Chung Chan, Ziqi Zhou and Shuntaro Muto.
Partner Peter Clements and associate Jonathan Bowering provided tax advice, while Stephanie Chiu advised on employment matters.
DFS Okinawa, majority-owned by LVMH Moët Hennessy Louis Vuitton, operates airport and downtown retail locations across Naha Airport’s international and domestic terminals, as well as Naha’s Okinawa Downtown Galleria.
The transaction is expected to be finalised in the third quarter of 2026 and is subject to customary closing conditions.
