DFS began operations in Hong Kong, where it still maintains its corporate headquarters, later expanding to Europe and other continents. DFS' first major breakthrough came in the early 1960s, when it secured the exclusive concession for duty-free sales in Hawaii and Hong Kong, allowing it to market its products to Japanese travelers. DFS eventually expanded to off-airport duty-free stores and large downtown Galleria stores, and became the world's largest travel retailer. In 1996, Feeney's interests were acquired by Louis Vuitton Moët Hennessy (LVMH), the French luxury goods group, for $1.63 billion.