CK Hutchison Unit Launches Arbitration Against Panama Over Port Concessions Ruling 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
SoftBank and Intel Partner to Develop Next-Generation Memory Chips for AI Data Centers 
Trump Administration Sued Over Suspension of Critical Hudson River Tunnel Funding 
Trump Family Files $10 Billion Lawsuit Over IRS Tax Disclosure 
Using the Economic Calendar to Reduce Surprise Driven Losses in Forex 
Supreme Court Tests Federal Reserve Independence Amid Trump’s Bid to Fire Lisa Cook 
Disney Board Nears CEO Decision as Josh D’Amaro Emerges as Leading Candidate 
Jensen Huang Urges Taiwan Suppliers to Boost AI Chip Production Amid Surging Demand 
Federal Reserve Faces Subpoena Delay Amid Investigation Into Chair Jerome Powell 
Citigroup Faces Lawsuit Over Alleged Sexual Harassment by Top Wealth Executive 
Panama Supreme Court Voids Hong Kong Firm’s Panama Canal Port Contracts Over Constitutional Violations 
Hyundai Motor Lets Russia Plant Buyback Option Expire Amid Ongoing Ukraine War 
U.S. Condemns South Africa’s Expulsion of Israeli Diplomat Amid Rising Diplomatic Tensions 
Qantas to Sell Jetstar Japan Stake as It Refocuses on Core Australian Operations 
Nvidia’s $100 Billion OpenAI Investment Faces Internal Doubts, Report Says 
Boeing Signals Progress on Delayed 777X Program With Planned April First Flight 
International luxury brands Hermes, Chanel, and Louis Vuitton, could be violating South Korea's Fair Trade Act by not allowing duty-free firms in the country to sell their products locally.
Duty-free firms buy luxury items from the brands to sell them at duty-free stores here, and they have the right to re-sell the products they purchased, according to the Korea Fair Trade Commission (KFTC).
However, before a complaint could be filed to start an investigation on an alleged breach of the Fair Trade Act, the Korea Fair Trade Commission (KFTC) needs evidence, such as a "written contract" between the brands and the duty-free company.
The KFTC said that other than a local firm, a third party like the Korea Duty-Free Shops Association (KDFSA) could also request an investigation as long as it can provide evidence.
However, the KDFSA said that it would do so on behalf of the local firms, but no duty-free companies have filed complaints.
In late April, the Korea Customs Service loosened regulations on duty-free firms like Shinsegae, Lotte, and Shilla to allow them to sell their luxury goods locally due to a plunge in sales with the pandemic causing countries to ban international travel.
But the three favorite luxury brands refused to allow the sale of their products here.
Furthermore, based on KFTC's resale policy, suppliers cannot intervene in how a retailer prices its items.
However, if duty-free firms complain about not being able to sell in the local market openly, luxury brands suppliers could retaliate.
Starting today, Shinsegae said it is unlikely that their customers will find Hermes, Chanel, and Louis Vuitton products.
Hotel Lotte, which operates Lotte Duty-Free, said it is unlikely to sell the three luxury brands' products in its department store or online mall.
The luxury brands refused to sell their duty- free items in the local market and have never allowed discounts because of their image and reputation.
A Lotte Duty-Free official noted that they might accept refunds from the luxury brands than let the items rot in the warehouse.
The luxury brands would bring back refunded items to Europe and sell them at their outlets there.
However, Hermes, Chanel, and Louis Vuitton are not the ones giving refunds to local duty-free stores.
