Shilla takes 44% stake in 3Sixty

South Korea’s Hotel Shilla is to acquire a 44% stake in US-based duty-free retailer 3Sixty.

It is thought that Shilla will pay $121m for the stake.

The move will enable Shilla to broaden its reach and expand in the Americas.

3Sixty (previously the DFASS Group) has been mainly focused on the inflight business, but has been growing its footprint in airport duty free and specialty retail stores.