Lotte Duty Free has launched a competition under the ‘K-Wave’ name to recruit 30 small and medium-sized Korean brands, which it will offer a platform for growth through its stores.
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The retailer has joined forces with government agencies to promote up and coming brands, which can apply to take part from 16 September to 13 October. They must submit an introductory letter outlining the status and vision of the business, a copy of their business proposal and product type, target customers and nationalities, marketing strengths, and other relevant documentation.
Lotte Duty Free said: “This a new type of win-win project planned by Lotte Duty Free, which aims to share growth with domestic small and medium-sized brands. Lotte Duty Free plans to provide direct benefits, such as entering the brands selected to our online and offline duty free shops. It will support new product development, as well as strengthening public relations and marketing with brand video production and participation in overseas fairs.”
All domestic small and medium-sized brands “with original ideas and enthusiasm” are eligible to participate.
“We are delighted to actively develop domestic brands in global markets. We will continue to strive for win-win growth,” said Lotte Duty Free CEO Kap Lee.
Lotte Duty Free already promotes small and medium-sized brands through incubation programmes, support with the cost of entry to the duty free channel and presentation in its stores. Its ‘Blooming Beauty’ corners at downtown stores in Seoul and Jeju gather small and medium-sized cosmetics brands together.
(Source: Moodie Davitt Report)