Overseas Luxury Brands Facing Distribution Barriers Are Flocking to Korea

Lotte Tops Secures Inventory of Over 50 Famous Luxury Brands in Advance Through Overseas Direct Sourcing

[Asia Economy Reporter Cha Min-young] Due to the impact of the novel coronavirus infection (COVID-19), luxury goods that could not be consumed overseas are flooding into Korea.

Lotte Department Store announced on the 14th that from the 16th of this month to the 15th of next month, it will hold the largest-ever luxury brand lineup event both online and offline at Lotte ON and five major department store and outlet locations. The offline stores include Yeongdeungpo and Nowon department stores, and Paju, Gwangju Suwan, and Gimhae outlets, totaling five locations.

Lotte Department Store's direct sourcing specialist team, Lotte Tops, quickly secured popular stock from over 50 famous luxury brands obtained from major cities worldwide such as Milan and Paris, planning this event. They pre-purchased a large volume of steady-selling items from overseas luxury brands.

On the opening day of the event, the 16th, professional show hosts will introduce popular luxury brands live on '100Live.' An auction event starting at shockingly low prices will also be held simultaneously. During the event, participants will have the opportunity to bid on popular luxury items starting at about 10% of the regular price. Detailed schedules will be announced through the Lotte Department Store application.

Lotte Tops is an overseas fashion select shop proposing famous brand products directly bought by Lotte Department Store, selling about 200 well-known brand items at reasonable prices under the slogan "Top Brands, Best Price." The products include accessories, clothing, shoes, and living goods.

Lotte Tops is also implementing a spin-off strategy by launching separate brands for product categories with excellent in-store sales performance. In 2020, it plans to open and operate four stores of 'Sneaker Bar,' a sneaker specialty select shop, and will open 'Smalt,' a men's specialty select shop, at the Guri department store in October. Including spin-offs, the top five stores aim to reach 100 billion KRW in sales by 2021.

Son Eunkyung, head of MD Development at Lotte Department Store, said, "We are continuously changing our product lineup to meet the evolving needs and purchasing methods of customers, and we are steadily expanding overseas direct sourcing to secure not only offline but also online customers. Through this online and offline luxury event, we will further enhance customer satisfaction."

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