KGC's Sales Head Kim Tae-won (left) and Lotte Duty Free's Product Division Head Lee Jung-min (right) pose for a commemorative photo after signing an MOU on June 4 in Seoul. [Photo=KGC]
KGC and Lotte Duty Free have formed a partnership aimed at attracting duty-free customers.
On June 7, KGC announced that it has signed a memorandum of understanding (MOU) with Lotte Duty Free to develop differentiated products and enhance customer experiences. The signing ceremony took place on June 4 at Lotte Duty Free's Myeongdong flagship store in Seoul, attended by KGC Sales Head Kim Tae-won and Lotte Duty Free Product Division Head Lee Jung-min, among other officials from both companies.
The agreement aims to jointly plan duty-free exclusive products and services based on the brand strengths of both companies, while expanding customer touchpoints domestically and internationally.
The two companies plan to collaborate on the exclusive development of Jonggwanjang's 'Ppurisam' product and the launch of collaborative editions involving intellectual property (IP). Notably, Jonggwanjang will introduce a limited edition 'Everytime' product in collaboration with the global character brand Sanrio, available exclusively at Lotte Duty Free during the Chuseok season.
They will also expand their online and offline marketing collaboration. Promotions and experiential content targeting both domestic and foreign tourists will be strengthened, and the renewal of Jonggwanjang stores in major Lotte Duty Free locations will be carried out in phases.
Recently, interest in K-health supplements has surged in the duty-free channel, leading to a continuous increase in demand for Jonggwanjang products among foreign customers. Jonggwanjang is currently available across all channels, including Lotte Duty Free's city stores, airport locations, and online duty-free shops. In the first quarter of this year, foreign sales of Jonggwanjang at Lotte Duty Free increased by 35% compared to the same period last year, with sales to Chinese customers rising by 46%.
Kim Tae-won, KGC's Sales Head, stated, "Through this strategic collaboration with Lotte Duty Free, we expect to secure a wider range of customer touchpoints and enhance the brand value of Jonggwanjang. We will continue to strengthen our competitiveness as a leading K-health supplement brand through various distribution and content collaborations."
Lee Jung-min, Lotte Duty Free's Product Division Head, remarked, "Through our collaboration with Jonggwanjang, we plan to further enhance the competitiveness of exclusive products and present a differentiated shopping environment. By combining our strengths, we aim to contribute to attracting global tourists and improving customer satisfaction."
* This article has been translated by AI.
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