Lotte Department Store launches 'Nextrap' platform to boost global K-fashion brands

Lotte Department Store is accelerating its global business expansion by launching 'Nextrap', a new platform designed to help promising K-fashion brands achieve international success. This initiative aims to serve as a forward base for Korean fashion brands venturing overseas.

Through 'Nextrap', Lotte Department Store will provide comprehensive support to brands, assisting them with complex processes such as export customs, interior design for retail spaces, and marketing strategies. The company will utilize its established global infrastructure and local operational know-how to guide these brands, many of which would find these tasks challenging to manage independently.

Lotte Department Store uniquely operates directly managed stores overseas among Korean department stores. This existing network will be leveraged in a 'two-track strategy'. The first track involves collaborations for pop-up stores in K-fashion 'pop-up hubs' within overseas directly managed or affiliated stores. This will allow for preliminary verification of local customer response and business viability. The second track offers formal entry opportunities into these stores for brands that demonstrate strong performance.

The inaugural 'Nextrap' hub will be located at 'Lotte Mall West Lake Hanoi' in Vietnam. This choice reflects the significant local demand and preference for K-fashion in the region. Lotte plans to collaborate with five K-fashion companies for pop-up events at this location by the end of the year, aiming to gauge market reception before offering more permanent retail opportunities.