Lotte Home Shopping Invests 213.7 Billion KRW to Foster Growth with Partners

[Asia Economy Reporter Minyoung Cha] Lotte Homeshopping announced on the 20th that it held a ‘Win-Win Growth Forum’ to strengthen communication and mutual growth with partner companies at the Sheraton Seoul Palace Gangnam Hotel in the afternoon.

The event was attended by Kwon Ki-hong, Chairman of the Win-Win Growth Committee, Cho Soon-yong, Chairman of the Home Shopping Association, Kang Cheol-gyu, Chairman of the Ethics Committee of Lotte Homeshopping, Lee Wan-shin, CEO of Lotte Homeshopping, executives and employees, and representatives from over 70 partner companies.

Lotte Homeshopping invites partner companies every year to hold various meetings and forums. This forum was organized to move away from events focused on representatives and executives of partner companies and instead invited practical staff to listen to on-site opinions.

Tyler Rasch, a broadcaster, gave a special lecture on the theme of ‘The Necessity of Strengthening the Global Competitiveness of Small and Medium Enterprises.’ The forum also introduced the win-win growth system, shared excellent cases of supporting partner companies’ overseas expansion, success stories of fostering female talent and supporting partner companies’ employment. It announced the newly launched ‘2020 Partner Company Win-Win Growth Support Program,’ which includes opening a real-time communication channel through KakaoTalk, supporting employee cultural activities, and sharing knowledge of distribution trends.

On the day, Lotte Homeshopping signed an ‘Innovation-Driven Wage Gap Resolution Agreement’ with the attending partner companies and decided to operate a win-win cooperation program worth a total of 213.7 billion KRW over the next three years. The plan is to contribute to strengthening the innovation capabilities of small and medium enterprises and resolving wage gaps through financial support, market expansion, inventory clearance support, and competitiveness enhancement support.

Specifically, the program includes ▲establishing a 200 billion KRW Win-Win Growth Fund and supporting 10 billion KRW in interest-free loans ▲guaranteeing three broadcasts of new products, operating regular TV programs for inventory clearance, and linking sales with offline stores ▲operating a small and medium enterprise specialty section within Lotte iMall and expanding overseas market development such as the ‘Korea Brand Expo’ ▲running programs for startup nurturing, fostering female talent, and supporting recruitment.

Lee Wan-shin, CEO of Lotte Homeshopping, said, “As the first official event of 2020, Lotte Homeshopping held a meeting with practical staff from partner companies to promise practical communication and support measures. We will continue to prioritize win-win growth with partner companies and strive to build a healthy and progressive industrial ecosystem.”