Lotte Homeshopping Signs Business Agreement with Crowdfunding Platform 'Wadiz'

Goal to Foster Promising Small and Medium Brands

Lotte Homeshopping announced on the 12th that it signed a business agreement on the 11th with the crowdfunding platform company 'Wadiz' to jointly foster small brands.

The signing ceremony took place at Lotte Homeshopping headquarters in Yeongdeungpo-gu, Seoul, with attendees including Kim Jae-gyeom, CEO of Lotte Homeshopping, Kang Jae-jun, Head of Product Division at Lotte Homeshopping, and Shin Hye-sung, CEO of Wadiz. Both companies agreed to mutually cooperate in marketing efforts to nurture promising small and medium-sized brands, including operating exclusive live commerce for Wadiz-funded excellent products, offline promotion of exclusive brands, sharing brand incubating know-how, and diversifying sales channels.

Kim Jae-gyeom, CEO of Lotte Homeshopping (left), and Shin Hye-sung, CEO of Wadiz, are taking a commemorative photo at the business agreement ceremony held on the 11th at the Lotte Homeshopping headquarters in Yangpyeong-dong, Yeongdeungpo-gu, Seoul. Photo by Lotte Homeshopping

Through this agreement, Lotte Homeshopping will launch within the year a dedicated program for fostering small brands called 'Wadiz Show' on its mobile TV platform, ELIVE, which sells Wadiz-funded excellent products. A pop-up store featuring exhibitions by Bellygom and exclusive brand sales will also be held at Space Wadiz, a complex cultural space operated by Wadiz in Seongsu-dong, Seoul. Additionally, the two companies plan to collaborate to create synergy by sharing brand incubating know-how to discover and nurture products with growth potential.

Lotte Homeshopping entered into this agreement to discover promising small and medium-sized products in the rapidly changing distribution environment and strengthen competitiveness through sales across various channels. Going forward, they plan to identify products with high growth potential and nurture them into competitive brands through collaboration with Wadiz.

A Lotte Homeshopping official stated, "As part of our multi-channel product provider strategy to discover promising products and sell them through various channels, we have signed a business agreement with the crowdfunding platform Wadiz, which has a large pool of small and medium-sized products." He added, "Through collaboration between the two companies, we plan to discover and nurture brands with growth potential and showcase them across diverse channels to create synergy."

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