GammaNu Changes Company Name to 'The HQ'... "Focusing on Growth Centered on Domestic and International Duty-Free Store Business"

[Asia Economy Reporter Yoo Hyun-seok] GammaNu has changed its company name to ‘The HQ’ and is embarking on building a total trip platform centered on domestic and international duty-free store businesses, including the Hainan duty-free store.

GammaNu held its regular shareholders' meeting and announced on the 30th that it changed its company name to ‘The HQ’ and added business objectives. This name change is interpreted as an effort to enhance corporate image in promoting new businesses such as domestic and international duty-free stores.

GammaNu operates a duty-free inbound platform (IP) business with an annual transaction volume of 2 trillion KRW and holds the number one market share in the inbound platform market targeting Chinese tourists. Based on this, it is intensifying its overseas duty-free store business in places like Hainan, recently signing a contract worth 20 million USD with Eunho Tech, a company specializing in Hainan duty-free product sales, and completing the first shipment.

A company official said, “The name change is the first step to accelerate structural improvement based on performance stabilization,” adding, “This year, through the expansion of domestic and international duty-free store businesses, an increase in orders for the Hainan duty-free store, and new growth engines such as domestic post-duty-free stores, a significant increase in performance will be possible.”

In addition to overseas duty-free store business, GammaNu is also promoting domestic post-duty-free store business targeting overseas tourists based on its global network. It has completed the acquisition of real estate for post-duty-free stores located in Goyang-si, Gyeonggi-do. It is preparing to succeed the post-duty-free store license and obtain the duty-free store operator license. The company expects related sales to begin in earnest once cross-border movement and travel are permitted through measures such as the ‘digital vaccine passport.’

GammaNu plans to transform into a total trip platform specialized company securing market competitiveness as it expands its business areas based on cash cow businesses such as the inbound platform business.

A company official explained, “Through continuous business expansion, we have completed the travel industry value chain covering travel and tourism to distribution shopping targeting Chinese customers,” and added, “Taking this name change as an opportunity to leap forward as a total trip platform specialized company, we will do our best to enhance corporate image and shareholder value.”