Emart is acquiring 80 percent of eBay Korea for 3.44 trillion won ($3.05 billion), significantly raising its presence in the market and becoming a top-ranked e-commerce player overnight.
Lotte Shopping continued to suffer net losses in the first quarter, though the loss fell slightly on year.
Lotte Mart has jumped into a price war that has intensified since Coupang went public last month. Lotte Mart has jumped into a price war that has intensified since Coupang went public last month.
Lotte Shopping CEO Kang Hee-tae on Tuesday said he expects the company’s earnings to rebound this year as consumer sentiment gradually recovers.
A customer takes a look at Riedel wine glasses at Lotte Department Store’s main branch in Myeong-dong, central Seoul on Tuesday.
Cho Young-je, head of the e-commerce business unit at Lotte Shopping, is resigning to take responsibility for the poor performance of the company’s Lotte On e-commerce shopping platform.
Emart’s net profit rose 62 percent in 2020 on strong sales even at some of its physical stores.
Lotte Shopping lost more than 600 billion won ($535 million) on a net basis last year, although the loss narrowed from a year earlier.
Lotte On has started a fashion brand in which the designs are created by a computer.
Lotte Shopping is transforming offline Lotte Marts as it struggles with the rapid rise of online shopping.