Lotte Shopping "LOHB's to be Absorbed and Integrated into Lotte Mart"
[Asia Economy Reporter Lim Hye-sun] Lotte Shopping's health and beauty (H&B) store, LOBS, will be absorbed and integrated into Lotte Mart.
On the 17th, Lotte Shopping held a board meeting and approved a plan to merge the LOBS business division into the Mart business division. Lotte will be incorporated into the H&B sector of the merchandise planning headquarters within Lotte Mart. Accordingly, Lotte Shopping will have four business divisions: department stores, marts, supermarkets, and e-commerce.
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Lotte Shopping entered the health and beauty market by opening LOBS Hongdae branch in Seoul in 2013. However, it struggled to surpass CJ Olive Young, which holds over 50% market share. Although LOBS reduced its number of stores from 129 to 108 this year, it recorded an operating loss of 217.2 billion KRW.
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