South Korean retail giant Lotte has unified its fashion businesses under its apparel affiliate to turn more competitive. Lotte Shopping Co., the group’s department store chain operator, said shareholders of its fashion business unit NCF Co. have approved the firm’s decision to change the corporation name to Lotte GFR, which stands for global fashion retail.
The department store’s global fashion business unit has been transferred to the new company, according to a news agency report. Founded in 2003, NCF was acquired by Lotte for $18 million in 2010.
The new company aims to generate 1 trillion won in revenue by 2022 by developing new labels, importing renowned overseas brands and active mergers and acquisitions.