Lotte Home Shopping Holds $62.35 Million Export Consultations in the Middle East... Leading the New Hallyu Wave

SME Win-Win Program 'Brand Expo' Operation

Lotte Homeshopping has been operating the win-win program "Korea Brand Expo" since 2016. This event provides services for settling in overseas markets, including export consultations for small and medium-sized enterprises, foreign exchange risk management, legal and logistics consultations. Since 2022, the support scale has expanded as it became a group-level event involving Lotte affiliates.

Lotte Homeshopping, together with the Korea Federation of SMEs and Agriculture, Forestry and Fisheries Cooperation Foundation, held the Korea Brand Expo in Riyadh and Dubai from the 30th of last month to the 2nd of this month. The Middle East is regarded as a stable consumer market due to its high purchasing power, and recently, with increasing demand for K-content mainly among the younger generation, it is considered a promising export region for Korean brands. More than 70 buyers from the Middle East attended this year’s event, recording a total of 422 consultations and export consultation amounts of 62.35 million dollars (approximately 87.6 billion KRW).

Lotte Homeshopping Korea Brand Expo Product Promotion Event Site. Provided by Lotte Homeshopping

At the export consultation held at Madarim Hotel in Riyadh, Korean specialties such as K-beauty, Gwangcheon Gim (seaweed), and Muan salt were introduced. The export contract amount promoted at the consultation site reached 26 million dollars.

From the 31st of last month to the 1st of this month, a large-scale cultural exchange event gathering Hallyu fans was held at The Boulevard Riyadh City. During the two-day event, a promotional event called "K-Brand Market," showcasing and demonstrating K-brands, was held daily. The event featured K-pop performances and attracted more than 40,000 visitors.

Going forward, Lotte Homeshopping plans to expand win-win activities that help the growth of competitive K-brands through the Korea Brand Expo. Kim Jae-gyeom, CEO of Lotte Homeshopping, said, "I am pleased that the Middle East export consultation, which was expanded to Saudi Arabia this year after confirming the high demand for K-brands in Dubai two years ago, was successfully concluded. We will continue to operate a systematic win-win program so that excellent small and medium enterprises can enter promising export regions and settle successfully."