SOUTH KOREA. Lotte Duty Free will host the third stage of its sale of undepleted duty free inventory from 22 to 31 July. The sale covers around 800 products from 28 international brands, including Yves Saint Laurent, Gucci, Prada, Bally, Givenchy and others.
As reported, the travel retailer began divesting some KRW20 billion (US$16.5 million) of unsold stock through alternative local channels on 23 June. The event was dubbed ‘Maum Bang Yeok’ (literally ‘mental quarantine’, a modern Korean idiom being used to express the concept of addressing the mental pain caused by COVID-19).
Korea Customs Service (KCS) announced on 29 April that it accepted the local duty free industry’s request to offload unsold stock (after paying import taxes) through a range of channels.
Lotte Duty Free CEO Kap Lee announced the latest phase today, saying that prices would be discounted by as much as -70% off those in its department stores. The sale covers bags, shoes, watches, accessories, sunglasses, and beauty devices. Men’s fashion products are a particular focus this time.
Lotte Ecommerce Team Leader Young Jun Kim said that “the purchase of luxury duty free products through various ecommerce channels in Korea has significantly increased customers’ acceptance of buying luxury online.”
In phases one and two, said the retailer, over 70% of stock was sold online within the first day, attracting much consumer and media interest.
VIP customers have been able to take advantage of the latest sale offer at the company’s Myeong-dong flagship store (Star Lounge) since 17 July, with reservations possible from the 14th.
A Lotte Duty Free spokesperson said: “We will do our best to provide customers with satisfactory shopping through various channels.”
