LDF to sell unsold stock in domestic market online & offline channels

By Luke Barras-hill |

Stock-sell-off-LotteLotte Duty Free will begin shifting surplus duty free stock worth KRW20 billion/$16.5 million in the local market, beginning 23 June.

Online sales will start on 23 June through ‘Lotte On’ to be followed by sales at eight domestic branches.

The Korea Customs Service (KCS) accepted a request in April from duty free players to sell mounting product inventories due to the coronavirus (Covid-19).

The Shilla Duty Free has told TRBusiness it will sell unused stock on its Trip online platform.

Fifty overseas luxury brands will be sold online at discounts of up to 60%, with 10 overseas luxury brands selling at locations including Lotte Duty Free department store and other outlets.

Lotte Duty Free will donate 0.5% of online sales to support medical staff fighting against Covid-19.

The company plans to draw on its distribution network to maximise sales.

Lotte Duty Free CEO Kap Lee said: “With the allowance of domestic sales of duty free products, it has been somewhat breathtaking for the duty free industry that has been struggling for a while.

“We will continue to strive for the development of the duty-free industry.”

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