LOTTE expands into Singapore with FairPrice Group partnership

They signed an MoU to bring Korean food and retail experiences to Singapore.

LOTTE Shopping Co., Ltd (LOTTE Retail) has officially entered the Singapore market through a new partnership with NTUC FairPrice Co-operative Limited (FairPrice Group).

The two companies have signed a memorandum of understanding (MOU) to introduce a range of Korean food products and retail experiences to Singaporean consumers.

By the end of 2024, FairPrice supermarkets will offer a wider range of LOTTE Mart’s Private Label products, including snacks and frozen meals, as well as various other LOTTE products. Shoppers will also enjoy exclusive promotions, in-store events, and product tastings.

The partnership reflects the growing popularity of Korean culture in Singapore, where the number of visitors to South Korea is increasing and flight capacities have surpassed pre-COVID levels by 132% as of May 2024.

Vipul Chawla, Group CEO of FairPrice Group, said, “With more people traveling to South Korea and falling in love with its vibrant food culture, there’s a growing demand for authentic Korean cuisine right here at home.”

“We plan to promote K-food in the rest of SouthEast Asia by entering Singapore following Hong Kong, Mongolia, and Vietnam, and expand Private Label export business to various regions such as North America and Europe in the future,” added Samuel Sanghyun Kim, vice chairman of LOTTE Retail.

The MOU also includes plans to introduce FairPrice’s Own Brand Products into Lotte Mart and Lotte Super stores in Korea.

Also Read

GOELIA expands with 9 new store openings in China and Singapore

Gentle Monster opens first flagship boutique in Australia

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit