Lotte Duty Free Signs 'Autonomous Agreement to Resolve Polarization' with the Shared Growth Committee and Partner Companies

'Adhering to the 3 Principles of Proper Payment'
Operation of Win-Win Cooperation Program for the Next 3 Years

Lotte Duty Free announced on the 20th that it has signed a 'Voluntary Agreement to Resolve Polarization' with the Shared Growth Committee and its partner companies.

The signing ceremony took place on the 19th at Lotte Duty Free headquarters in Jung-gu, Seoul, attended by Kim Junam, CEO of Lotte Duty Free, Oh Younggyo, Chairman of the Shared Growth Committee, and Yoon Sangdeok, CEO of In&In International. Through this agreement, Lotte Duty Free has committed to adhering to the 'Three Principles of Proper Payment' in subcontracting, consignment, supply, and service transactions with partners. Additionally, it plans to operate a total of 55 billion KRW worth of shared growth cooperation programs over the next three years, including the 50 billion KRW shared growth fund established in 2019.

(From left) Kim Junam, CEO of Lotte Duty Free, Oh Younggyo, Chairman of the Win-Win Growth Committee, and Yoon Sangdeok, CEO of In&In International, are taking a commemorative photo at the signing ceremony of the voluntary agreement to resolve polarization held on the 19th. Photo by Lotte Duty Free

Through this, Lotte Duty Free will support partner companies in wages and welfare, consulting and commercialization funding, implementation of performance-sharing systems, and development of domestic and international sales channels. Furthermore, it will operate a shared growth fund that provides low-interest loans to partners using interest-free deposits as resources and will also make early payments during holidays.

Partner small and medium enterprises will strengthen innovation efforts such as R&D and productivity improvement, enhance product and service quality, and increase price competitiveness. They will also strive to improve employee working conditions and expand new employment. The Shared Growth Committee will actively cooperate in providing opportunities for technology and purchasing consultations and support the identification and promotion of best practices.

Kim Junam, CEO of Lotte Duty Free, said, "I am honored to participate in this agreement that allows us to grow together with our partners," adding, "Lotte Duty Free will continue to actively work to strengthen the competitiveness of partner small and medium enterprises."

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