Resolution on Company Name Change Approved at Recent Shareholders' Meeting
New BI to Be Used in Stores and Advertising Going Forward
Hyundai Department Store Duty Free is changing its name to 'Hyundai Duty Free.' The aim is to remove the word 'Department Store' from the name to enhance the professionalism and competitiveness of its duty-free business.
Hyundai Department Store Duty Free announced on the 9th that it decided to change its name to Hyundai Duty Free at a recent shareholders' meeting. The corporate name will also be changed from Hyundai Department Store Duty Free to 'Hyundai DF.' Until now, the trademarks Hyundai Duty Free and Hyundai DF were owned by Hyundai Asan. To change the company and corporate names, Hyundai Department Store Duty Free signed a trademark transfer agreement with Hyundai Asan last month and applied for trademark rights transfer registration with the Korean Intellectual Property Office earlier this month.
A Hyundai Duty Free official said, "The newly introduced BI (Brand Identity) will be used in online and offline stores and advertisements," adding, "We expect that domestic and international customers will find it easier to say and recall, naturally increasing brand awareness."
Along with the name change, Hyundai Duty Free plans to strengthen domestic and international marketing to enhance business competitiveness. The stores will attract a large number of luxury and K-fashion brands. For example, at the Incheon Airport store, Fendi will open in Terminal 1 and Gucci boutique in Terminal 2 by the end of this month. Additionally, Saint Laurent and Balenciaga boutiques are scheduled to open in Terminal 1 and Terminal 2, respectively, by the end of the year.
The Trade Center store plans to sequentially open Saint Laurent, Chopard, Fendi, and Balenciaga by the end of the year, while the Dongdaemun store will target individual tourists by hosting many K-fashion brands favored by foreign tourists, such as DaisyK, Parnell, Martine Kim, and Marithe Francois Girbaud.
Hyundai Duty Free will also strengthen marketing to capture demand from domestic travelers going abroad during the summer vacation (July-August), Chuseok (September), and through October. A representative marketing campaign is 'EVERYDAY HYUNDAY,' which offers prizes worth 500 million won.
Until the end of October, customers who purchase $100, $300, $500, $1,000, or $2,000 at Hyundai Duty Free's online mall and downtown duty-free stores will be given chances to enter prize draws 1, 3, 5, 10, or 20 times respectively. The grand prize winner will receive a Genesis GV80, and a total of 5,555 winners will receive prizes including two Hyundai Casper cars and three LG OLED EVO TVs.
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