South Korean retail giant Lotte will merge the management of its various fashion businesses under its apparel affiliate for better competitiveness in the domestic market. Lotte Shopping, which operates the group’s department store chain, will transfer its global fashion business unit to its subsidiary NCF in June. Lotte purchased NCF for $18 million in 2010.
NCF is expected to launch new brands and carry out mergers and acquisitions of famous brands, though many expect Lotte will need time to catch up with Handsome, an affiliate of Hyundai Department Store, or Shinsegae International, a subsidiary of another retail giant, Shinsegae, according to a Korean news agency report. (DS)
ALCHEMPro News Desk – India
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