Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP News Agency) Jiye Kim Journalist = Lotte.com, an online shopping mall in Korea, announced that the company signed memorandum of understanding with JD.com, a Chinese 2C platform business on September 8, in a bid to open “Lotte store” in JD online shopping mall. Through this contract, both Lotte and JD will bring about a new type of online business by means of interconnecting its supply chains, logistic systems, and aftercare services.

Lotte.com is mapping out a plan for launching “Lotte store” in JD.com by this year, introducing select Korean brands to Chinese customers. Products coming into the market by priority are cosmetics, fashion, daily supplies, food and beverage, as well as baby products which already gained huge popularity in China. Furthermore, the company holds an ambition to expand the number of brands in Lotte store up to 200,000, excavating small and medium sized companies in Korea especially beloved by Youke, Chinese tourists.

It also schemes for associating all Lotte businesses from Lotte department store, Lotte mart, Lotte duty-free store, Lotte confectionary, Lotte hotel to Lotte world in order to sell all lotte products at one spot .

Lotte.com is by far the only Korean retail company building a strategic partnership with JD.com. The association will last next five years.

NSP News Agency/NSP TV Jiye Kim Journalist, graekim@nspna.com
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