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Lotte Shopping injects 3 trillion won into online business

Lotte Shopping Co. Ltd., a business unit of LOTTE Corp., will inject 3 trillion South Korean won into its e-commerce business over the next four years, Yonhap News Agency reported May 15.

The company wants to tap into South Korea's fast-growing online shopping market, the report said, citing information from the company. Yonhap said Lotte Shopping's online revenue stood at 7 trillion won in 2017.

The retail giant plans to merge eight online malls, which have been separately operated by affiliates, into one platform in order to reach its sales target of 20 trillion won by 2022, according to the report. Lotte Shopping is expected to launch a new e-commerce department in August that will operate the platform, which will combine the company's department store arm, discount store chain and duty-free business.

"We will put all our efforts into the online business, our new growth engine, beginning with the merging of Lotte.com Inc.," Lotte Shopping CEO Kang Hee-tae said, according to the report.

As of May 14, US$1 was equivalent to 1,069.31 South Korean won.