<br />
Leading APAC<br />
Operators:<br />
31-page report<br />
APAC beauty<br />
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insights<br />
Lotte talks<br />
restructuring the<br />
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HELPING THE INDUSTRY GROW<br />
MAY 2025<br />
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Freda Cheung<br />
`Test and learn' mindset propels innovation in APAC, says Avolta... p61<br />
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TRAVEL RETAIL AWARDS ASIA PACIFIC | CHINA TRAVEL SURVEY | MOROCCANOIL<br />
APTRA ADVOCACY UPDATE | BEAUTY CATEGORY DYNAMICS | PEOPLE NEWS<br />
L'ORATOIRE DES PAPES | AT WORK WITH DPT ANTWERP'S EDWARD VERTÉ<br />
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Moroccanoil.com<br<a title="TRBusiness May 2025 page 1" href="https://secure.viewer.zmags.com/publication/3349f26d?page=1"> Leading APAC Operators: 31-page report APAC bea</a>
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<a title="TRBusiness May 2025 page 5" href="https://secure.viewer.zmags.com/publication/3349f26d?page=5"> WELCOME Welcome to the May issue Fortune favour</a>
<a title="TRBusiness May 2025 page 6" href="https://secure.viewer.zmags.com/publication/3349f26d?page=6"> </a>
<a title="TRBusiness May 2025 page 7" href="https://secure.viewer.zmags.com/publication/3349f26d?page=7"> The Shilla Duty Free............ 82 Ever Ri</a>
<a title="TRBusiness May 2025 page 8" href="https://secure.viewer.zmags.com/publication/3349f26d?page=8"> NEWS ROUNDUP Shinsegae Duty Free opens Celine b</a>
<a title="TRBusiness May 2025 page 9" href="https://secure.viewer.zmags.com/publication/3349f26d?page=9"> NEWS ROUNDUP Ever Rich deepens brand alliances </a>
<a title="TRBusiness May 2025 page 10" href="https://secure.viewer.zmags.com/publication/3349f26d?page=10"> WINNING THE CONSUMER VOTE A WORD ABOUT WINNIN</a>
<a title="TRBusiness May 2025 page 11" href="https://secure.viewer.zmags.com/publication/3349f26d?page=11"> DFA selected as exclusive duty free operator at J</a>
<a title="TRBusiness May 2025 page 12" href="https://secure.viewer.zmags.com/publication/3349f26d?page=12"> NEWS ROUNDUP 3 soothing airport experiences... T</a>
<a title="TRBusiness May 2025 page 13" href="https://secure.viewer.zmags.com/publication/3349f26d?page=13"> DDF achieves Q1 2025 sales of US$565 million </a>
<a title="TRBusiness May 2025 page 14" href="https://secure.viewer.zmags.com/publication/3349f26d?page=14"> </a>
<a title="TRBusiness May 2025 page 15" href="https://secure.viewer.zmags.com/publication/3349f26d?page=15"> Y E A R F O S REDEFINING TRAVEL RETAIL Tha</a>
<a title="TRBusiness May 2025 page 16" href="https://secure.viewer.zmags.com/publication/3349f26d?page=16"> THE BIG PICTURE 16 TRBUSINESS </a>
<a title="TRBusiness May 2025 page 17" href="https://secure.viewer.zmags.com/publication/3349f26d?page=17"> Coty TR unveils Marc Jacobs cross-category pop-up</a>
<a title="TRBusiness May 2025 page 18" href="https://secure.viewer.zmags.com/publication/3349f26d?page=18"> ADVERTISEMENT FEATURE Paul & Shark leverages au</a>
<a title="TRBusiness May 2025 page 19" href="https://secure.viewer.zmags.com/publication/3349f26d?page=19"> ADVERTISEMENT FEATURE opportunities with key pla</a>
<a title="TRBusiness May 2025 page 20" href="https://secure.viewer.zmags.com/publication/3349f26d?page=20"> TR SUSTAINABILITY HUB Penrhos brings `wonky fru</a>
<a title="TRBusiness May 2025 page 21" href="https://secure.viewer.zmags.com/publication/3349f26d?page=21"> </a>
<a title="TRBusiness May 2025 page 22" href="https://secure.viewer.zmags.com/publication/3349f26d?page=22"> FOOD FOR THOUGHT: PVM Chupa Chups leans on `For</a>
<a title="TRBusiness May 2025 page 23" href="https://secure.viewer.zmags.com/publication/3349f26d?page=23"> FOOD FOR THOUGHT: PVM digital signage elements a</a>
<a title="TRBusiness May 2025 page 24" href="https://secure.viewer.zmags.com/publication/3349f26d?page=24"> *Source: Nielsen Total US Universe 52 weeks endin</a>
<a title="TRBusiness May 2025 page 25" href="https://secure.viewer.zmags.com/publication/3349f26d?page=25"> ASIA PACIFIC TRAVEL RETAIL AWARDS 2025 Congratu</a>
<a title="TRBusiness May 2025 page 26" href="https://secure.viewer.zmags.com/publication/3349f26d?page=26"> ASIA PACIFIC TRAVEL RETAIL AWARDS 2025 Best Make</a>
<a title="TRBusiness May 2025 page 27" href="https://secure.viewer.zmags.com/publication/3349f26d?page=27"> ASIA PACIFIC TRAVEL RETAIL AWARDS 2025 Trio Set </a>
<a title="TRBusiness May 2025 page 28" href="https://secure.viewer.zmags.com/publication/3349f26d?page=28"> </a>
<a title="TRBusiness May 2025 page 29" href="https://secure.viewer.zmags.com/publication/3349f26d?page=29"> ASIA PACIFIC TRAVEL RETAIL AWARDS 2025 Best Spir</a>
<a title="TRBusiness May 2025 page 30" href="https://secure.viewer.zmags.com/publication/3349f26d?page=30"> ASIA PACIFIC TRAVEL RETAIL AWARDS 2025 Best Char</a>
<a title="TRBusiness May 2025 page 31" href="https://secure.viewer.zmags.com/publication/3349f26d?page=31"> </a>
<a title="TRBusiness May 2025 page 32" href="https://secure.viewer.zmags.com/publication/3349f26d?page=32"> ASIA PACIFIC TRAVEL RETAIL AWARDS 2025 </a>
<a title="TRBusiness May 2025 page 33" href="https://secure.viewer.zmags.com/publication/3349f26d?page=33"> </a>
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<a title="TRBusiness May 2025 page 35" href="https://secure.viewer.zmags.com/publication/3349f26d?page=35"> TRAVEL RETAIL AWARDS Awards: Celebrating that w</a>
<a title="TRBusiness May 2025 page 36" href="https://secure.viewer.zmags.com/publication/3349f26d?page=36"> TR CONSUMER FORUM Powerplay day one keynote to </a>
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<a title="TRBusiness May 2025 page 40" href="https://secure.viewer.zmags.com/publication/3349f26d?page=40"> ADVERTISEMENT FEATURE Building bricks for growt</a>
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<a title="TRBusiness May 2025 page 42" href="https://secure.viewer.zmags.com/publication/3349f26d?page=42"> ASIA PACIFIC IN FOCUS Asia Pacific: Tracking th</a>
<a title="TRBusiness May 2025 page 43" href="https://secure.viewer.zmags.com/publication/3349f26d?page=43"> ASIA PACIFIC IN FOCUS “It's obvious that PRC p</a>
<a title="TRBusiness May 2025 page 44" href="https://secure.viewer.zmags.com/publication/3349f26d?page=44"> ASIA PACIFIC IN FOCUS Suppliers eyeing opportun</a>
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<a title="TRBusiness May 2025 page 46" href="https://secure.viewer.zmags.com/publication/3349f26d?page=46"> APTRA COMMENT “Adaptability and readiness to em</a>
<a title="TRBusiness May 2025 page 47" href="https://secure.viewer.zmags.com/publication/3349f26d?page=47"> APTRA COMMENT Bank of India indicates that India</a>
<a title="TRBusiness May 2025 page 48" href="https://secure.viewer.zmags.com/publication/3349f26d?page=48"> </a>
<a title="TRBusiness May 2025 page 49" href="https://secure.viewer.zmags.com/publication/3349f26d?page=49"> CHINA PAX INSIGHTS Travel impulsivity on the ri</a>
<a title="TRBusiness May 2025 page 50" href="https://secure.viewer.zmags.com/publication/3349f26d?page=50"> CHINA PAX INSIGHTS (CTD) contained in its latest</a>
<a title="TRBusiness May 2025 page 51" href="https://secure.viewer.zmags.com/publication/3349f26d?page=51"> CHINA PAX INSIGHTS by digital content and social</a>
<a title="TRBusiness May 2025 page 52" href="https://secure.viewer.zmags.com/publication/3349f26d?page=52"> </a>
<a title="TRBusiness May 2025 page 53" href="https://secure.viewer.zmags.com/publication/3349f26d?page=53"> LEADING APAC OPERATORS: CDFG China Duty Free Gr</a>
<a title="TRBusiness May 2025 page 54" href="https://secure.viewer.zmags.com/publication/3349f26d?page=54"> LEADING APAC OPERATORS: CDFG this growth is stel</a>
<a title="TRBusiness May 2025 page 55" href="https://secure.viewer.zmags.com/publication/3349f26d?page=55"> LEADING APAC OPERATORS: CDFG </a>
<a title="TRBusiness May 2025 page 56" href="https://secure.viewer.zmags.com/publication/3349f26d?page=56"> LEADING APAC OPERATORS: CDFG </a>
<a title="TRBusiness May 2025 page 57" href="https://secure.viewer.zmags.com/publication/3349f26d?page=57"> </a>
<a title="TRBusiness May 2025 page 58" href="https://secure.viewer.zmags.com/publication/3349f26d?page=58"> EMPOWERING POSSIBILITIES Extraordinary experience</a>
<a title="TRBusiness May 2025 page 59" href="https://secure.viewer.zmags.com/publication/3349f26d?page=59"> </a>
<a title="TRBusiness May 2025 page 60" href="https://secure.viewer.zmags.com/publication/3349f26d?page=60"> </a>
<a title="TRBusiness May 2025 page 61" href="https://secure.viewer.zmags.com/publication/3349f26d?page=61"> LEADING APAC OPERATORS: AVOLTA Pace set by `tes</a>
<a title="TRBusiness May 2025 page 62" href="https://secure.viewer.zmags.com/publication/3349f26d?page=62"> LEADING APAC OPERATORS: AVOLTA “The Asia Pacific</a>
<a title="TRBusiness May 2025 page 63" href="https://secure.viewer.zmags.com/publication/3349f26d?page=63"> LEADING APAC OPERATORS: AVOLTA </a>
<a title="TRBusiness May 2025 page 64" href="https://secure.viewer.zmags.com/publication/3349f26d?page=64"> LEADING APAC OPERATORS: AVOLTA </a>
<a title="TRBusiness May 2025 page 65" href="https://secure.viewer.zmags.com/publication/3349f26d?page=65"> THE POWER WITHIN EAU DE PARFUM AND EAU DE P</a>
<a title="TRBusiness May 2025 page 66" href="https://secure.viewer.zmags.com/publication/3349f26d?page=66"> </a>
<a title="TRBusiness May 2025 page 67" href="https://secure.viewer.zmags.com/publication/3349f26d?page=67"> LEADING APAC OPERATORS: LAGARDÈRE TRAVEL RETAIL </a>
<a title="TRBusiness May 2025 page 68" href="https://secure.viewer.zmags.com/publication/3349f26d?page=68"> LEADING APAC OPERATORS: LAGARDÈRE TRAVEL RETAIL </a>
<a title="TRBusiness May 2025 page 69" href="https://secure.viewer.zmags.com/publication/3349f26d?page=69"> LEADING APAC OPERATORS: LAGARDÈRE TRAVEL RETAIL </a>
<a title="TRBusiness May 2025 page 70" href="https://secure.viewer.zmags.com/publication/3349f26d?page=70"> LEADING APAC OPERATORS: LAGARDÈRE TRAVEL RETAIL </a>
<a title="TRBusiness May 2025 page 71" href="https://secure.viewer.zmags.com/publication/3349f26d?page=71"> NEW</a>
<a title="TRBusiness May 2025 page 72" href="https://secure.viewer.zmags.com/publication/3349f26d?page=72"> </a>
<a title="TRBusiness May 2025 page 73" href="https://secure.viewer.zmags.com/publication/3349f26d?page=73"> LEADING APAC OPERATORS: LOTTE DUTY FREE Lotte D</a>
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<a title="TRBusiness May 2025 page 81" href="https://secure.viewer.zmags.com/publication/3349f26d?page=81"> A WORLD OF OIL-INFUSED BEAUTY</a>
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<a title="TRBusiness May 2025 page 85" href="https://secure.viewer.zmags.com/publication/3349f26d?page=85"> NOW I'M THE ONE WHO CREATES MASTERPIECES </a>
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<a title="TRBusiness May 2025 page 95" href="https://secure.viewer.zmags.com/publication/3349f26d?page=95"> Visit us at TFWA APAC B</a>
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<a title="TRBusiness May 2025 page 100" href="https://secure.viewer.zmags.com/publication/3349f26d?page=100"> INTERVIEW: HONG KONG AIRPORT HKIA enhances bri</a>
<a title="TRBusiness May 2025 page 101" href="https://secure.viewer.zmags.com/publication/3349f26d?page=101"> INTERVIEW: HONG KONG AIRPORT community, retail, </a>
<a title="TRBusiness May 2025 page 102" href="https://secure.viewer.zmags.com/publication/3349f26d?page=102"> INTERVIEW: HONG KONG AIRPORT “To further expand</a>
<a title="TRBusiness May 2025 page 103" href="https://secure.viewer.zmags.com/publication/3349f26d?page=103"> APTRA CONFERENCE 2025 Spending power of India's</a>
<a title="TRBusiness May 2025 page 104" href="https://secure.viewer.zmags.com/publication/3349f26d?page=104"> APTRA CONFERENCE 2025 One of the big opportu</a>
<a title="TRBusiness May 2025 page 105" href="https://secure.viewer.zmags.com/publication/3349f26d?page=105"> APTRA CONFERENCE 2025 such as South Korea and Ca</a>
<a title="TRBusiness May 2025 page 106" href="https://secure.viewer.zmags.com/publication/3349f26d?page=106"> </a>
<a title="TRBusiness May 2025 page 107" href="https://secure.viewer.zmags.com/publication/3349f26d?page=107"> SOUTH KOREA DOWNTOWN Existential angst driving </a>
<a title="TRBusiness May 2025 page 108" href="https://secure.viewer.zmags.com/publication/3349f26d?page=108"> SOUTH KOREA DOWNTOWN “While we don't expect the</a>
<a title="TRBusiness May 2025 page 109" href="https://secure.viewer.zmags.com/publication/3349f26d?page=109"> SOUTH KOREA DOWNTOWN Above: </a>
<a title="TRBusiness May 2025 page 110" href="https://secure.viewer.zmags.com/publication/3349f26d?page=110"> SOUTH KOREA DOWNTOWN establish a solid foundatio</a>
<a title="TRBusiness May 2025 page 111" href="https://secure.viewer.zmags.com/publication/3349f26d?page=111"> BEAUTY IN APAC “Fast-moving”, “diverse” & “high</a>
<a title="TRBusiness May 2025 page 112" href="https://secure.viewer.zmags.com/publication/3349f26d?page=112"> BEAUTY IN APAC “Customers are also seeking spec</a>
<a title="TRBusiness May 2025 page 113" href="https://secure.viewer.zmags.com/publication/3349f26d?page=113"> BEAUTY IN APAC “They seek personalised solut</a>
<a title="TRBusiness May 2025 page 114" href="https://secure.viewer.zmags.com/publication/3349f26d?page=114"> </a>
<a title="TRBusiness May 2025 page 115" href="https://secure.viewer.zmags.com/publication/3349f26d?page=115"> BEAUTY IN APAC traditionally been the main categ</a>
<a title="TRBusiness May 2025 page 116" href="https://secure.viewer.zmags.com/publication/3349f26d?page=116"> BEAUTY IN APAC Above: Delivering</a>
<a title="TRBusiness May 2025 page 117" href="https://secure.viewer.zmags.com/publication/3349f26d?page=117"> innovation roll-on format multi-purpose dry oils </a>
<a title="TRBusiness May 2025 page 118" href="https://secure.viewer.zmags.com/publication/3349f26d?page=118"> BEAUTY IN APAC Above & o</a>
<a title="TRBusiness May 2025 page 119" href="https://secure.viewer.zmags.com/publication/3349f26d?page=119"> BEAUTY IN APAC the `back to basics' approach cha</a>
<a title="TRBusiness May 2025 page 120" href="https://secure.viewer.zmags.com/publication/3349f26d?page=120"> BEAUTY IN APAC Above: At the C</a>
<a title="TRBusiness May 2025 page 121" href="https://secure.viewer.zmags.com/publication/3349f26d?page=121"> BEAUTY IN APAC invest in e-commerce and digital </a>
<a title="TRBusiness May 2025 page 122" href="https://secure.viewer.zmags.com/publication/3349f26d?page=122"> APAC BEAUTY INSIGHTS Tapping in</a>
<a title="TRBusiness May 2025 page 123" href="https://secure.viewer.zmags.com/publication/3349f26d?page=123"> APAC BEAUTY INSIGHTS in standard class (75%), wi</a>
<a title="TRBusiness May 2025 page 124" href="https://secure.viewer.zmags.com/publication/3349f26d?page=124"> BEAUTY IN APAC: KOLS Beauty KOLs take flight: Po</a>
<a title="TRBusiness May 2025 page 125" href="https://secure.viewer.zmags.com/publication/3349f26d?page=125"> BEAUTY IN APAC: KOLS Left: Emily Tay</a>
<a title="TRBusiness May 2025 page 126" href="https://secure.viewer.zmags.com/publication/3349f26d?page=126"> BRANDS ZONE Supercharge your shelf appeal TRBusi</a>
<a title="TRBusiness May 2025 page 127" href="https://secure.viewer.zmags.com/publication/3349f26d?page=127"> SPOTLIGHT: MOROCCANOIL Moroccanoil builds APAC </a>
<a title="TRBusiness May 2025 page 128" href="https://secure.viewer.zmags.com/publication/3349f26d?page=128"> SPOTLIGHT: MOROCCANOIL Ab</a>
<a title="TRBusiness May 2025 page 129" href="https://secure.viewer.zmags.com/publication/3349f26d?page=129"> SPOTLIGHT: MOROCCANOIL can convey the profession</a>
<a title="TRBusiness May 2025 page 130" href="https://secure.viewer.zmags.com/publication/3349f26d?page=130"> ADVINI L'Oratoire des Papes taps into the rise </a>
<a title="TRBusiness May 2025 page 131" href="https://secure.viewer.zmags.com/publication/3349f26d?page=131"> ADVINI (red) and EUR50 (white) and EUR100 (red) </a>
<a title="TRBusiness May 2025 page 132" href="https://secure.viewer.zmags.com/publication/3349f26d?page=132"> ADVINI for, so working with the </a>
<a title="TRBusiness May 2025 page 133" href="https://secure.viewer.zmags.com/publication/3349f26d?page=133"> ADVINI ageing cellar but also some special rooms</a>
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<a title="TRBusiness May 2025 page 135" href="https://secure.viewer.zmags.com/publication/3349f26d?page=135"> ADVINI Above: The elegant ext</a>
<a title="TRBusiness May 2025 page 136" href="https://secure.viewer.zmags.com/publication/3349f26d?page=136"> PEOPLE People News Newmark's Haze</a>
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