Lotte Shopping to set up Singapore holding firm, eyes its IPO

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Lotte Shopping to set up Singapore holding firm, eyes its IPO - Korea Economic Daily

Quick Summary:

By 2030, Lotte Shopping, also the parent of Lotte Department Store, targets 1.3 trillion won ($1 billion) in operating profit on sales of 20.3 trillion won, Kim told chief investment officers and analysts at major South Korean asset management and brokerage firms during the IR session.

FRESH FOOD SALES ONLINE At home, it will reinforce the fresh produce business, particularly online, in cooperation with Ocado Group, a British online supermarket and technology group, said Kim Sanghyun, chief executive of Lotte Shopping, during its annual investor relations day.

Lotte Shopping Co., South Korea’s leading retail company, will transform its special purpose company (SPC) in Singapore into a holding firm to beef up its Southeast Asian operations and will pursue its IPO, said a Lotte official on Friday.