Lotte Duty Free launches Sogong 1st Avenue, the world’s first online luxury duty free store
SOUTH KOREA. Lotte Duty Free today launched Sogong 1St Avenue, which she described as the world’s first online luxury duty free store.
The online store, open at 9 a.m. Seoul time, offers 30 luxury fashion, jewelry and watch brands with some 5,000 individual items featured. These include a range of premium bags, clothing and accessories that were not previously available on duty-free e-commerce sites.
Sogong 1St The avenue is named after the Sogong-dong district in Jung-gu, Seoul, where the story of Lotte Duty Free began in February 1980 and which still houses its flagship store today. The new concept is an exclusive room of the luxury brand housed within Lotte Internet Duty Free.
The tour operator is committed to continuously increasing the number of online stores for luxury brands. Lotte Duty Free also plans to create a high-end wine & spirits room in Sogong 1St Avenue to allow the sale of online reservations from November 23.
The company said it plans to differentiate its buying proposition with more accessible pricing and 100% after-sales service guaranteed. and the authenticity of the products thanks to the sourcing of all products sold at Sogong 1St Avenue directly.
Lotte Duty Free highlighted its pioneering role in introducing luxury brands to the Republic of Korea. From its inception, the company attracted luxury brands attracted by the opportunity to enter an emerging market where the local commercial scene was heavily protected.
From 1984 to 1986, Louis Vuitton, HermÃ¨s and Chanel were introduced with rapid success and for the first time in the global duty free industry the big three of luxury were offered.
Lotte Duty Free said that the opening of Sogong 1St Avenue inherits the spirit of a luxury duty free boutique that has been passed down since the start of business in 1980. “It is a stepping stone to further consolidate our position in the luxury market online as well as offline”, the company noted.
Additionally, Generation MZ luxury shopping trends (a uniquely Korean combined categorization of Millennials and Generation Z) are increasingly shifting to online luxury stores, Lotte Duty Free said.
This is a key factor that drove him to open an online luxury boutique, the company commented. Lotte Duty Free noted that its online sales ratio has increased from 25% of its total business in 2016 to 45% in 2020, and that online shopping continues to increase.
Lee Kap, CEO of Lotte Duty Free, said: âAs the national online luxury goods shopping market is expanding, we have opened Sogong 1St Avenue using Lotte Duty Free’s ability to attract luxury brands. Our goal is to make it easy to buy luxury goods online.
In order to preemptively prepare for the upcoming âLive with Coronaâ philosophy adopted by the Korean government, Lotte Duty Free conducted a vast reimagining of its online duty free store in May and July.
A live trading page has been created on the online platform to broadcast live duty free sales once a month. Lotte Duty Free has also opened a virtual experience space for the flagship store of Korean skincare brand Sulwhasoo using VR (virtual reality) and a virtual sunglasses fitting service deploying AR (reality increased).