Lotte Duty Free and China Duty Free Group meet to discuss industry revitalization
Liu Kun, Vice General Manager of China Tourism Group and Vice Chairman of China Tourism Group Duty Free Co (left) with Namgung Pyo, Lotte Duty Free Head of Marketing
Executives from Lotte Duty Free, China Duty Free Group (CDFG) and its parent company, China Leisure Group, too part in a business meeting in Seoul yesterday (June 18).
The meeting and held at the Lotte Duty Free headquarters in Myeong-dong, Jung-gu, and centered on the development of both companies and the revitalization of the duty free industry. With improving Korea-China relations, the companies aim to establish a foundation for mutual exchange and development.
The meeting was attended by key officials from both companies, including Namgung Pyo, Head of Lotte Duty Free’s Marketing Division and Liu Kun, Vice General Manager of China Tourism Group and Vice Chairman of China Tourism Group Duty Free Co.
The meeting of Lotte Duty Free Group and China Duty Free Group executives underlines the improving Kore-China relations
The two companies shared know-how in operating duty free shops and discussed exchanges and cooperation in the tourism sector, including hotels and tourist destinations. The future of the industry was also discussed and the CDFG executives were to tour duty free shops in downtown Seoul, including Lotte Duty Free’s Myeong-dong main branch.
Founded in 1984, CDFG is China's largest duty-free distribution company and operates the world's largest duty-free shop on Hainan. It is strengthening its global competitiveness by ranking first in 2022 and second in 2023 in global duty-free shop sales rankings.
“It was a meaningful time to meet with CDFG, China’s largest duty-free company, in person to explore the possibility of cooperation between the two companies and discuss the future of the industry,” Namgung Pyo said.
“As the improvement of Korea-China relations is expected, we hope that mutual exchanges will become more active in the future.”
Meanwhile, the temporary visa-free entry policy for Chinese group tourists scheduled for the third quarter is expected to be implemented, and the number of Chinese tourists visiting Korea is expected to increase significantly.
In preparation for this, Lotte Duty Free is upping efforts to attract group and individual tourists. It plans to develop travel products that combine shopping and tourism, such as beauty classes and K-content experiences, in cooperation with inbound travel agencies, and to introduce experiential content in major commercial districts where the influx of foreign tourists is expected to be centered.
