### Lotte Duty Free at Coterie New York
South Korean duty-free retailer Lotte Duty Free made a significant impact at the business-to-business fashion event Coterie New York last week, securing 50 export contracts for K-fashion brands during the exhibition period. The event, held from February 22-24, provided a platform for K-fashion labels at the ‘Hi Seoul’ showroom, where over 1,000 booths showcased women’s fashion from around the world.
### Lotte’s Participation and Strategy
Lotte Duty Free CEO Kim Joo-nam attended the fashion fair, which took place shortly after New York Fashion Week. The retailer operated a joint booth with the Hi Seoul showroom, supported by the Seoul Metropolitan Government, featuring brands like C-Zann E, Fleno, MA&ME, and TinaBlossom. The company sees Coterie as a springboard to promote Korean domestic fashion brands abroad through various shows and exhibitions.
### Internationalization Strategy and Expansion Plans
In recent years, Lotte Duty Free has focused on internationalization and aims to broker transactions between global buyers and K-fashion suppliers. The retailer plans to continue pioneering K-fashion sales channels by utilizing its 14 branches in six overseas countries. Additionally, the company is exploring opportunities in showrooms and pop-ups to raise awareness of Korean fashion globally.
### Lotte’s Multilateral Approach
Lotte Duty Free’s goal is to propel Korean fashion into the global market, supporting government export initiatives and promoting national pride. The company plans to secure overseas buyers by leveraging its locations in countries like Australia, Japan, Singapore, and Vietnam. Lotte’s strategy includes raising brand awareness through online and offline channels.
### Government Collaboration and New Growth Division
Last year, Lotte Duty Free signed an agreement with the Seoul metropolitan government to promote K-brands overseas. The company’s new-growth unit, led by Nam Gung-pyo, aims to accelerate its international ambitions and become a leading global travel retailer. Lotte’s initiatives include opening Korea’s first duty-free showroom and collaborating with various brands to showcase K-fashion.
Original Story at www.forbes.com – 2024-02-26 06:37:50
