Lotte Duty Free announced on the 4th that it has signed a strategic memorandum of understanding (MOU) with Kolmar Korea, a leading cosmetics ODM (original design manufacturer) corporation in Korea, to strengthen their partnership and support the global expansion of K-beauty brands.
Based on this agreement, Lotte Duty Free and Kolmar Korea will provide consulting for Lotte Duty Free's store entry targeted at Kolmar Korea's manufacturing clients and support the expansion of global sales channels. Additionally, they plan to support various marketing activities such as online and offline sales promotions to enhance consumer awareness and increase sales.
The two companies plan to showcase a K-beauty section at Lotte Duty Free's flagship store in Myeongdong. They aim to present representative items from indie brands categorized by cosmetics and target collaborative growth through brand incubating. They will also offer brand collaborations utilizing Kolmar Korea's manufacturing strengths and various experiential events.
Lim Hyung-il, head of the merchandise division at Lotte Duty Free, said, "We plan to continuously cooperate and support in order to enhance the competitiveness of K-brands."