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Lotte combines fashion businesses under new name

South Korea's Lotte Group has carried out a plan to consolidate the conglomerate's fashion operations, with the resulting entity to be called Lotte GFR, Yonhap News Agency reported May 31.

Under the move, retail subsidiary Lotte Shopping Co. Ltd. transferred its global fashion business to Lotte Group's apparel affiliate NCF Co. Ltd. Meanwhile, NCF shareholders approved a company name change to Lotte GFR, or Global Fashion Retail.

Lotte GFR is looking to achieve revenue of 1 trillion South Korean won by 2022, according to the report. Currently, the sales from both units total about 200 billion won, with about 300 stores in operation.

The company reportedly plans to reach its revenue target by pursuing merger and acquisition deals, importing popular foreign brands and developing new labels of its own.

As of May 30, US$1 was equivalent to 1,080.08 South Korean won.