Lotte Department Store × Vibe Company Join Hands to Build Metaverse Commerce Platform

(From left) Shin Nam-seon, Head of Planning Division at Lotte Department Store; Hwang Beom-seok, CEO of Lotte Department Store; Lee Jae-yong, CEO of Vibe Company; and Park So-ah, Head of DTS Division at Vibe Company, are posing for a commemorative photo after the "Lotte Department Store-Vibe Company Business Agreement Ceremony" at Lotte Department Store headquarters in Jung-gu, Seoul on the 18th.

Development and Construction of Korea's First Real Business-Integrated Metaverse Platform Underway
Aiming to Develop a Platform Where Offline Store Products and Services Can Be Experienced and Purchased Online

[Asia Economy Reporter Kim Yuri] Lotte Department Store announced on the 18th that it signed a Memorandum of Understanding (MOU) for joint investment and mutual cooperation to build a metaverse commerce platform with VIVE Company, a big data, artificial intelligence (AI), and digital twin specialized company, at Lotte Department Store headquarters in Jung-gu, Seoul.

This agreement was promoted to create business synergy between Lotte Group, which has decided to focus on metaverse-related businesses as a new growth engine, and VIVE Company, which is currently building a mirror world metaverse platform based on digital twin technology.

The main contents of this MOU include ▲ joint investment and development of a metaverse commerce platform PoC (Proof of Concept) ▲ digitization and utilization of exhibition content within virtual spaces ▲ mid- to short-term promotion of metaverse business.

Lotte Department Store plans to develop Korea's first metaverse commerce platform together with VIVE Company. Through this agreement, Lotte Department Store will promote a PoC that leverages its accumulated service capabilities in space planning, content discovery, and marketing as differentiated content in the metaverse domain.

Both companies will jointly invest in building a metaverse commerce platform PoC model by utilizing each other's infrastructure and plan to present the results in the first half of next year. They intend to establish a mutual cooperation system to continuously upgrade content, services, and the platform to grow into a competitive metaverse platform. Lotte Department Store stated, "Ultimately, consumers will be able to experience and purchase actual products and services exhibited in offline stores through the metaverse platform."

Hwang Beom-seok, CEO of Lotte Department Store, said, "We signed this MOU with VIVE Company, which has specialized capabilities in big data and digital twin, to proactively realize the future department store suited for the metaverse era." He added, "We will strive to make this mutual cooperation a successful model that applies commerce and various Lotte Department Store contents in the metaverse virtual space."

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