SEOUL, Feb. 1 (Korea Bizwire) – The head of Lotte Homeshopping, the TV shopping channel of South Korean retail giant Lotte, said Wednesday that the company will complete its withdrawal from the Chinese market by 2021.
Lee Wan-shin outlined the plan to reporters before attending the business group’s meeting of affiliates’ presidents in western Seoul.
Lotte Homeshopping entered the Chinese market in 2010 by purchasing shares of China’s LuckyPai, which broadcasts home shopping networks all over the country in collaboration with regional broadcasting stations.
The company is expected to sell its shares in businesses in Shandong and Yunnan next month and fully withdraw from the market in three years, when its contract for Chongqing region expires, according to an industry source.
Lotte, South Korea’s fifth-largest conglomerate, with sprawling businesses in chemicals, duty-free and construction, has been pulling out of its businesses in China after it suffered major losses in the wake of the Seoul-Beijing diplomatic spat over a U.S. anti-missile system.