Kang Hee-tae, CEO of Lotte Shopping, "Sufficient Interest in Acquiring eBay Korea" (Comprehensive)

"Lotte ON Apologizes for Trial and Error"... Appointment of External Experts

Kang Hee-tae, CEO of Lotte Shopping. [Photo by Yonhap News]

[Asia Economy Reporter Lim Chun-han] Kang Hee-tae, CEO of Lotte Shopping, stated on the 23rd that he is "sufficiently interested" in acquiring eBay Korea. This is the first time a senior Lotte official has publicly expressed a position on the acquisition of eBay Korea.

At the Lotte Shopping shareholders' meeting held at the Lotte Big Market Yeongdeungpo branch in Seoul on the same day, CEO Kang said, "We have received the company introduction materials to review the acquisition, but we will disclose specific details through official announcements."

CEO Kang apologized for the poor performance of 'Lotte ON,' Lotte Group's integrated online mall for its distribution affiliates, and promised to improve its structure by bringing in external experts. He stated, "We experienced many trial and errors, including system instability during the initial launch, and did not achieve the expected results," and announced plans to appoint an external expert as the head of the business division.

CEO Kang explained that although the department store business struggled last year due to the COVID-19 pandemic, consumer sentiment is recovering this year thanks to adjustments in social distancing levels and the spread of revenge spending. He also introduced plans for Lotte Department Store to open the Dongtan branch and the premium outlet Uiwang Time Villas in the southern Gyeonggi region this year, as well as to renovate six shopping mall stores.

Regarding the mart business, CEO Kang said, "We expect to turn a profit in the near future," and stated that they will strengthen competitiveness by securing online logistics capabilities at nationwide store hubs such as smart stores, enhancing the core grocery product category, and reorganizing store spaces.

Meanwhile, Lotte Shopping reappointed CEO Kang as an inside director on the same day and approved the appointment of Kang Sung-hyun, head of Lotte Shopping's mart business division, and Choi Young-jun, head of the finance division, as new inside directors.

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