Lotte Duty Free to Release 20 Billion KRW Worth of Overseas Luxury Goods Online and Offline

[Asia Economy Reporter Seungjin Lee] Lotte Duty Free announced on the 21st that it will actively distribute duty-free product inventory worth 20 billion KRW through Lotte's online and offline channels.

Domestic distribution of duty-free products became possible after the Korea Customs Service temporarily allowed the distribution of duty-free inventory domestically last April to support domestic duty-free shops facing difficulties such as accumulated inventory due to the COVID-19 pandemic.

Starting from the 23rd, Lotte Duty Free will prioritize selling over 50 overseas luxury brands online through ‘Lotte ON’. This online sales event, held under the theme ‘Mind Quarantine Luxury Sale’, offers duty-free products at prices up to approximately 60% cheaper than market prices.

The online sales will be divided into pre-order and immediate purchase methods. Lotte Duty Free plans to donate 0.5% of the online sales amount as a contribution to support medical staff working hard to overcome COVID-19 damage.

From the 26th, 10 overseas luxury brands will also be sold through offline channels such as Lotte Department Store and outlets. In line with the government’s ‘Korea Together Sale’ campaign to revitalize the domestic economy, duty-free products will be sold at eight locations including Lotte Department Store Nowon Branch, Yeongdeungpo Branch, Daejeon Branch, and Lotte Outlets Paju Branch, Giheung Branch, Gimhae Branch, Isiapolis Branch, and Gwangju Suwan Branch.

The duty-free products sold by Lotte Duty Free through these online and offline channels amount to approximately 20 billion KRW. Lotte Duty Free plans to maximize synergy effects by simultaneously utilizing Lotte ON, which opened last April, and Lotte’s offline distribution network. Additionally, it is expected to satisfy customers’ shopping desires, which had been subdued due to COVID-19, by offering a variety of luxury items such as bags and accessories at competitive prices.

Lee Gap, CEO of Lotte Duty Free, stated, “The allowance of domestic sales of duty-free products has somewhat eased the difficulties faced by the duty-free industry,” and added, “Lotte Duty Free will continue to make efforts for overcoming COVID-19 domestically and for the development of the duty-free industry.”

This content was produced with the assistance of AI translation services.